Abu Dhabi-based strategic investment company Mubadala Investment Company has reached an agreement with the Carlyle Group, under the terms of which funds affiliated with Carlyle will acquire a minority interest - between 30% and 40% - in the Spanish energy company Cepsa from Mubadala. The transaction, estimated at US$3.6bn (€3.2bn), would value Cepsa at around US$12bn (€10.6bn). It is subject to customary regulatory approvals and is expected to close by the end of 2019.
Cepsa is Spain's second largest oil company with 3 refineries, with a total capacity of 544 000 bbl/d or 1/3 of the country’s capacity (including Cepsa’s 50% stake in Asesa), and accounts for around 13% of the Spanish service station network. In the upstream sector, the group operates assets across the full oil value chain in more than 20 countries. Cepsa holds significant reserves contained in both the Umm Lulu and SARB fields located offshore Abu Dhabi; in addition, the group is a significant oil producer in Algeria and operates in Central and South America and South East Asia. Cepsa is fully-owned by Mubadala Investment Company through International Petroleum Investment Company (IPIC). The initial public offering (IPO) for at least 25% of Cepsa’s capital planned for October 2018 had been delayed to an unknown date until market conditions improve on Spanish exchanges.
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