The Abu Dhabi government’s Mubadala investment fund announced an agreement on 8 April under which the Carlyle International Energy Partners (CIEP) affiliate of US investment firm Carlyle Group will acquire a stake of 30-40% of its wholly-owned Spanish affiliate Cepsa by the end of 2019.

Former Abu Dhabi investment fund IPIC first bought into Cepsa in 1988. It then paid €3.97bn for the remaining 52.95% in 2011. IPIC was then merged into Mubadala in 2017 (MEES, 24 February 2017). This left Cepsa sitting alongside a host of other energy-focussed Mubadala investments, including its subsidiary Mubadala Petroleum. (CONTINUED - 1572 WORDS)