Carlyle Group LP plans to buy a stake valued at as much as $4.8 billion in Cepsa from Mubadala Investment Co, about six months after the Abu Dhabi sovereign fund shelved plans to list the Spanish oil refiner.
Carlyle will acquire 30 percent to 40 percent of Cepsa, valuing the company at $12 billion, according to a statement. Mubadala will remain the majority shareholder and the transaction is expected to be completed by the end of 2019.
Mubadala last year shelved plans for an initial public offering of a 25 percent stake in Spanish refiner as investors balked at the valuation amid a stock market rout.
Abu Dhabi, the holder of about 6 percent of the world’s oil reserves, has been selling stakes in some assets owned by its wealth funds and oil company. KKR & Co. and BlackRock Inc. in February agreed to invest $4 billion in Abu Dhabi’s oil pipelines.
Italy’s Eni SpA and Austrian oil and gas producer OMV AG agreed to pay about $5.8 billion for a stake in Adnoc’s refining unit, while Baker Hughes said in October it plans to buy a 5 percent stake in Adnoc’s drilling business.
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