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Carlyle agrees to buy 30% stake in Spainish Cepsa

April 11/2019

MOSCOW (MRC) -- Private equity firm Carlyle Group LP has agreed to buy a 30% stake in Spanish oil and gas company Cepsa from an Abu Dhabi sovereign wealth fund in a USD3.6 billion deal including debt, reported Reutres with reference to Financial Times, citing people with knowledge of the transaction.

The sale gives the business a total enterprise value of USD12 billion, roughly the same price tag that Cepsas owner Abu Dhabi wealth fund Mubadala Investment Company sought ahead of a failed attempt at a stock market listing last year, the FT said.

Carlyle will have at least two board seats, and Musabbeh Al Kaabi, a senior executive at Mubadala, will remain as chairman, the newspaper said, citing sources.

As part of the agreement, Carlyle reserves the right to buy up to 40% of Cepsa, which is one of the largest privately-owned oil companies in Europe and has been under Mubadala ownership for the last three decades, the FT said.

Carlyle, Cepsa and Mubadala could not be immediately reached for a comment.

As MRC informed earlier, in May 2018, The Abu Dhabi National Oil Company (ADNOC) announced it had signed a project development agreement with Cepsa of Spain for a new, world-scale Linear Alkylbenzene (LAB) facility in ADNOCs refining and petrochemicals complex in Ruwais, UAE.
Author:Margaret Volkova
Tags:petrochemistry, ADNOC, Cepsa, Spain, United Arab Emirates (UAE).
Category:General News
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