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MORE DETAILS: Mubadala Looks to IPO Cepsa

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SWFI reported on this earlier in September. Abu Dhabi-based Mubadala Investment Company is looking to pursue an initial public offering (IPO) for its holding Compañia Española de Petróleos (Cepsa), a Spanish oil company. This is after talks with The Carlyle Group did not come into fruition. Cepsa is a legacy asset when Mubadala ended up taking over IPIC.

Cepsa plans to sell an approximate 25% stake in the IPO. This could value the company around €10 billion. Mubadala is keeping a watchful eye on market conditions, especially oil prices.

Advisors

Rothschild is the sole financial adviser of the Cepsa deal. Banco Santander, Citigroup Global Markets Limited, Merrill Lynch, and Morgan Stanley are acting as joint global coordinators and joint bookrunners for the transaction.

SWFI First Read, December 10, 2018

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IMF Bentham Opens New London Office

IMF Bentham Limited opened a new London office called IMF Litigation Funding Services Limited. The division will provide litigation finance, investment capital and strategic services for disputes in the EMEA region, which includes the United Kingdom, Europe, Middle East, and Africa.

Falck Renewables Buys Portfolio of Windfarms in France

A subsidiary of Falck Renewables acquired a portfolio of five onshore windfarms in north-eastern and western France from a fund affiliated with Glennmont Partners for €37 million. The sale was due to the fund’s divestment plan. These windfarms are located in Bois Ballay, Les Coudrays, Mazeray, Eol Team, and Noyales.

Carlos Ghosn Charged by Japanese Prosecutors

Japan government prosecutors indicted Carlos Ghosn, the former chairman of Nissan Motor, and the auto company. The indictment accuses the parties of violating Japanese financial laws by underreporting his compensation. Nissan disclosed Ghosn’s misconduct which included underreporting his compensation and using corporate funds for personal expenses.

OIF Plans to Go Defensive on Public Equities

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First Inning on Augmented Reality a Strike for SWFs

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Augmented reality (AR), which is not the same as virtual reality, is an industry that sovereign wealth capital has slowly permeated. The impressive technology has not made inroads into mainstream U.S. culture – remember Google’s efforts with Google Glasses. However, these augmented reality glasses may have industrial purposes such as in car production or logistics.

Malaysia’s Khazanah Nasional Berhad backed London-based Blippar, an augmented reality studio company. Blippar appears to be on the brink of financial collapse, according to a number of media sources. There is a dispute between investors Khazanah and Nick Candy, in which the SWF had blocked emergency fundraising. This fundraising effort would have most likely lowered Khazanah’s equity stake. In June 2018, Blippar raised an extra £20 million from investors to keep things running. David Rubin & Partners LLP was hired by Blippar as insolvency practitioners.

Magic Leap

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PREVIEW COVER: January Issue of the Sovereign Wealth Quarterly

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Here is a mockup cover of the next issue of the Sovereign Wealth Quarterly, the top publication on sovereign funds, pensions, and other institutional investors.

For advertising opportunities: https://www.swfinstitute.org/advertise/

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