UAE’s Mubadala Sells Cepsa Stake To Investor Carlyle

Mubadala is offloading 30-40% of Cepsa to investment firm Carlyle. The deal, worth up to $4.8bn, is slated to finance the Abu Dhabi state fund’s global expansion. Carlyle is building up a sizeable Mena oil and gas portfolio.

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.

Holding two wholly-owned energy entities with separate management teams was never the most efficient practice. Cepsa will now sit alongside Austria’s OMV as a partly-owned investment, although Mubadala’s stake in the latter is just 24.9%. (CONTINUED - 1572 WORDS)


table Carlyle International Energy Partners (Ciep) Energy Sector Investments
chart 1: Cepsa 'Adjusted Net Profit' (€Mn): Refining Is The Biggest Contributor But E&P Is Catching Up
chart 2: Cepsa Upstream Output (‘000 B/D*): Algeria Key, But Output Sliding After 2014 Boost From Se Asia Entry
chart 3: Cepsa: Refined Products & Petchems Sales Hit Record 31.4mn Tons In 2018, Crude Runs At Highest Since 2012
table Cepsa Refining Capacity*
table Cepsa Petrochemicals End-2018