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Carlyle completes acquisition of minority stake in Mubadala’s Cepsa

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Wednesday 16, October 2019 BY Kuda Muzoriwa

Mubadala will remain the majority shareholder in Cepsa, holding the remaining 63 per cent.

Abu Dhabi’s Mubadala Investment Company and The Carlyle Group have completed the acquisition of a 37 per cent stake in Spanish oil and gas company Cepsa in a $3.6 billion deal.

Mubadala stated that the composition of Cepsa’s Board of Directors reflects the new shareholding, with the Abu Dhabi sovereign wealth fund entitled to appoint five members to the board, including its chairman, while The Carlyle Group is entitled to appoint three members.

Additionally, Carlyle and Mubadala have appointed Philippe Boisseau as the new CEO of Cepsa to succeed Pedro Miro, who will be retiring. 

Musabbeh Al Kaabi, Mubadala’s CEO, Petroleum & Petrochemicals and the Chairman of Cepsa, said, “We are pleased to have completed the transaction and look forward to working closely with Carlyle and Cepsa’s management on growing the business and creating even greater value from its portfolio and operations.”

The acquisition marks the 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.

Mubadala last year shelved plans for an initial public offering (IPO) of a 25 per cent stake in Spanish refiner as investors balked at the valuation amid a stock market collapse.

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