Mubadala the sovereign fund of Abu Dhabi has reached an agreement for the sale to the Carlyle group of a 30% to 40% stake in Cepsa, according to a statement from Carlyle published by Europa Press.
The operation starts from valuing Cepsa at 12,000 million dollars (10,688 million euros). On that basis, Carlyle would have to pay between 3,200 and 4,275 million euros to take a 30% or 40% share respectively. Once the operation is completed, with closing expected by the end of this year, the final shares of both parties will be confirmed, although Mubadala will remain the majority shareholder of Cepsa.
The capital to make this investment will come from Carlyle International Energy Partners I and II, Carlyle Partners VII, Carlyle Europe Partners V and a group of co-investors. The operation is subject to the usual regulatory authorizations.
“Carlyle is a solid and respected investor with extensive experience and important assets under management in the global energy sector”
The CEO of the Mubadala oil and petrochemical platform, Musabbeh Al Kaabi, does not hide his satisfaction with the operation: “we are very pleased to have reached this agreement with Carlyle and to partner with them as shareholders of Cepsa”. In the words of Al Kaabi, “Carlyle is a solid and respected investor with extensive experience and important assets under management in the global energy sector.”
For his part, the director of Carlyle International Energy Partners, Marcel Van Poecke, has emphasized the potential and future opportunities in the energy sector offered by a company such as Cepsa. “We hope to continue building the growth path of Cepsa for the benefit of its customers, suppliers and employees”, added Van Poecke.
Cepsa currently operates assets in more than 20 countries, including significant reserves at the Umm Lulu and SARB deposits, located off the coast of Abu Dhabi. The company also produces oil in Algeria and operates in Central and South America and Southeast Asia.