Abu Dhabi’s Mubadala to sell 30-40% stake in Cepsa to Carlyle

U.S buyout firm Carlyle Group has agreed to buy a 30 to 40 per cent stake in Spanish energy company Cepsa from Abu Dhabi state investor Mubadala, valuing the stake at as much as $4.8bn.

Mubadala said on Monday the deal values the Spanish company at an enterprise value of $12bn.

The transaction marks an end of a process by Mubadala to bring in new partners after it pulled Cepsa’s initial public offering (IPO) last year, citing uncertainty in international capital markets.

Reuters had reported in March that Carlyle was ahead of other contenders to buy a 30 per cent stake in Spain’s Cepsa for up to 3bn euros ($3.4bn).

Mubadala said the deal is expected to close by the end of 2019, pending regulatory approval and final shareholding stakes of both parties will be confirmed then.

Mubadala, with assets of $225bn and which has stakes in Carlyle and General Electric will remain the majority shareholder of Cepsa.

Equity for this investment will come from Carlyle International Energy Partners I and II, Carlyle Partners VII, Carlyle Europe Partners V and co-investors, the statement said.

Madrid-headquartered Cepsa is Europe’s largest privately-owned oil and gas company.

In 2013 Carlyle launched a $2.5bn euro energy fund – Carlyle International Energy Partners (CIEP) – and has since then made a number of high profile acquisitions.