Carlyle Takes Minority Stake in Cepsa

10.04.2019 -

Funds associated with US investment group Carlyle have agreed to take a "significant" minority interest in Spanish oil & gas and chemicals company Cepsa from Abu Dhabi-based Mubadala Investment Company.

Carlyle will take a share ranging between 30% and 40%, with Mubadala remaining Cepsa’s majority shareholder. Mubadala said final stakes will be confirmed once the transaction closes, which is expected by the end of 2019, subject to the usual regulatory approvals. The companies did not disclose financial terms.

Mubadala said the agreement marks the successful conclusion of a dual-track process through a public offering and private placement to bring in new partners as part of its portfolio management strategy.

Marcel Van Poecke, head of Carlyle International Energy Partners, said Cepsa offers strong potential and future opportunities in the global energy sector.

Cepsa is also the global leader in the production of linear alkyl benzene (LAB), as well as the world's second largest producer of phenol and acetone. The Madrid-headquartered group is currently developing a 150,000 t/y LAB plant at Abu Dhabi National Oil Company's (ADNOC) complex in Ruwais, UAE, as well as upgrading its own plant in San Roque, Cadiz, Spain. The latter project, which will expand capacity by 50,000 t/y, is due online in the first half of 2020.