Mubadala sells stake worth $4.8bn in Cepsa to Carlyle

Abu Dhabi / AGENCIES

Mubadala Investment Company and Carlyle Group on Monday announced that funds affiliated with Carlyle will acquire a significant minority interest in Compania Espanola de Petroleos, Cepsa, from Mubadala.
Carlyle Group LP plans to buy a stake valued at as much as $4.8 billion in Cepsa from Mubadala Investment Co.
The US company will acquire 30 percent to 40 percent of Cepsa, in a deal that gives the company an enterprise value of $12 billion, according to a statement. Mubadala will remain the majority shareholder.
The transaction is subject to customary regulatory approvals and is expected to close by end 2019. The agreement marks the successful conclusion of a dual-track process through a public offering and private placement, conducted by Mubadala to bring in new partners as part of its portfolio management strategy.
“We are pleased to have reached agreement with Carlyle and to have them partner with us as shareholders in Cepsa. Carlyle is an established, respected, and experienced investor with significant assets under management in the global energy sector,” said Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals in Mubadala.
“This represents an important milestone in Cepsa’s 90-year history. 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.”
In turn, Marcel Van Poecke, Head of Carlyle International Energy Partners, said, “We are delighted to partner with Mubadala and Cepsa’s management team through our commitment to invest in Cepsa which offers such strong potential and future opportunities in the global energy sector. We look forward to building upon Cepsa’s growth path for the benefit of their customers, suppliers and employees.”