Mubadala, The Carlyle Group acquires stake in Cepsa for $12 billion

4/8/2019
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Photo: The Carlyle Group and Cepsa.

ABU DHABI -- Mubadala Investment Company, the Abu Dhabi-based strategic investment company, and global investment firm The Carlyle Group have announced that funds affiliated with Carlyle will acquire a significant minority interest in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala. Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil & gas company.

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, Petroleum & Petrochemicals, 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. We share a common view about the strength and potential of Cepsa’s business and are confident in the company’s ability to continue its excellent operational and financial performance, which was reflected in the valuation we maintained throughout the process.

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. Our team has an established track record with a combination of energy sector, financial and operational capabilities as well as experience across the energy value chain from upstream through downstream, refining and marketing.”

At completion of the transaction, both parties’ final shareholding stakes will be confirmed. Mubadala will remain the majority shareholder of Cepsa.  Equity for this investment will come from Carlyle International Energy Partners I & II, Carlyle Partners VII, Carlyle Europe Partners V and co-investors.

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