On April 8, global investment firm The Carlyle Group and Abu Dhabi-based investment company Mubadala Investment Company announced that funds affiliated with Carlyle will acquire a significant minority interest in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala. A Ropes & Gray team led by London-based anti-corruption and international risk practice co-chair Amanda Raad, Chicago-based anti-corruption and international risk partner Ryan Rohlfsen and London-based litigation and enforcement counsel Sean Seelinger advised Carlyle on the transaction.
Based on an enterprise value of $12 billion, this agreement marks the successful conclusion of a proactive dual-track process to bring in new shareholders of Cepsa. The transaction is expected to be complete by the end of 2019. 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.
Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil & gas company. It operates assets across the full petroleum value chain in more than 20 countries, and also operates in the renewables sector. Cepsa’s retail business includes an extensive network of service stations across the Iberian Peninsula and an integrated energy offering to Spanish consumers, covering liquid fuels, gas and electricity.
The full news release is available here.
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