FT: Carlyle to Buy 30% Stake in Cepsa

Posted on 04/08/2019


Carlyle Group agreed to acquire a 30% to 40% stake in Cepsa (Compañía Española de Petróleos, S.A.U.) from Mubadala Investment Company for US$ 3.6 billion enterprise value. Cepsa is a Spanish oil and gas company. The deal gives Cepsa a total enterprise value if US$ 12 billion. In addition, as part of the transaction, Carlyle can acquire up to 40% of Cepsa.

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.

Carlyle Group would gain two board seats.

UPDATE: Mubadala clarified in a press release that Carlyle will take between a 30% to 40% stake in Cepsa. Financial Times broke the story and quoted a 30% stake. The story has been amended.