Mubadala to sell 30% stake in Cepsa to Carlyle Group
The deal is expected to close by end-2019 and is part of Mubadala's portfolio management strategy to bring in new partners
Mubadala Investment Company, the Abu Dhabi-based strategic investment company, and global investment firm The Carlyle Group have announced that funds affiliated with Carlyle will acquire a 30% to 40% minority interest in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala.
Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil & gas company, and Mubadala will remain the majority shareholder.
“This represents an important milestone in Cepsa’s 90-year history," said Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala. "Mubadala has worked closely over the years with Cepsa’s management team to build a world-class fully integrated energy company. We now look forward to working in partnership with Carlyle which has a significant track record and energy sector capabilities, and with Cepsa’s management to further enhance and grow the business.
"We share a common view about the strength and potential of Cepsa’s business and are confident in the company’s ability to continue its excellent operational and financial performance, which was reflected in the valuation we maintained throughout the process."
At completion of the transaction, both parties’ final shareholding stakes will be confirmed. Equity for this investment will come from Carlyle International Energy Partners I & II, Carlyle Partners VII, Carlyle Europe Partners V and co-investors.