• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » Exclusive: Carlyle in final talks to clinch $3.4 billion deal for Cepsa stake: sources

Exclusive: Carlyle in final talks to clinch $3.4 billion deal for Cepsa stake: sources

Drew Hendricks by Drew Hendricks
April 26, 2019
in Energy
280 min read
60
0
Exclusive: Carlyle in final talks to clinch $3.4 billion deal for Cepsa stake: sources

MADRID/LONDON/ABU DHABI (Reuters) – Private equity firm Carlyle Group is ahead of other contenders to buy a 30 percent stake in Spain’s Cepsa for up to 3 billion euros ($3.4 billion), just four months after owner Mubadala shelved a listing of the energy company, three sources familiar with the matter told Reuters.

FILE PHOTO: The logo of the Carlyle Group is displayed at the company’s office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato

Carlyle, whose energy and natural resources division includes funds such as Neptune Energy, could reach an agreement within weeks, one of the sources said.

Cepsa and Carlyle declined to comment.

Other investment firms including CVC, Apollo and Macquarie had expressed interest in buying a stake in the Spanish oil major, which is owned by Abu Dhabi wealth fund Mubadala Investment Company, sources previously told Reuters.

However, Carlyle has emerged as the favorite bidder in the process which is led by Rothschild, the sources said, although no deal has been finalised or agreed.

In October, Mubadala backed out of a plan to list 25 percent of Cepsa on the Madrid stock exchange citing uncertainty in international capital markets and lackluster appetite among international investors.

Cepsa reported a 15 percent fall in annual adjusted net (CCS) profit to 754 million euros last year.

Political uncertainty in Europe, U.S. political tensions and a global economic slowdown, topped off by the U.S.-China trade war and sanctions against Iran and Russia, deterred a series of initial public offerings (IPO) in the past few months.

Proceeds from global IPOs fell by 83 percent to $2.6 billion in January compared with the same month last year, Refinitiv data shows, while proceeds from European listings dropped 97 percent in the first two months of the year.

In the energy sector, Saudi Aramco was among the most high-profile listings that were halted in 2018.

At the smaller end of the scale, oil trader Vitol pulled its IPO of Varo Energy and sources said Kazakhstan has deferred the IPO of national oil firm KazMunayGaz to beyond 2019.

Conversely, a recovery in the oil price to its current level of around $65 a barrel, from $30 in 2016, coupled with attractive asset valuations, has driven a surge in M&A activity by private equity firms in the energy sector.

In 2013 Carlyle launched a $2.5 billion euro energy fund – Carlyle International Energy Partners (CIEP) – and has since then made a number of high profile acquisitions.

In 2017, it teamed up with CVC to buy the oil and gas assets of French utility Engie.

Carlyle’s Neptune Energy fund is currently bidding for the oil and gas assets being sold by EDF’s Italian unit Edison, according to sources.

Additional reporting by Ron Bousso; editing by Pamela Barbaglia and Susan Fenton

Read More

Drew Hendricks

Drew Hendricks

Drew Hendricks is a business technology and social marketing specialist. Drew has also written for many major publishers such as Forbes, Entrepreneur Magazine and The Huffington Post. Drew has also worked with a variety of different startups around the globe as well as larger advertising agencies in the United States and the UK.

Related Posts

ComEd preps response to restore power outages caused by storm and strong winds
Energy

ComEd preps response to restore power outages caused by storm and strong winds

June 10, 2020
133
President Donald Trump inspired a rise in oil futures after he said a deal between Saudi Arabia and Russia is underway.
Energy

Oil slightly recovers after Trump said a deal between Saudi Arabia and Russia might be reached in a ‘few days’

April 2, 2020
151
Oil refineries and storage facilities are about to reach their maximum capacity as the pandemic continues to shock demand.
Energy

Oil prices are approaching ‘negative territory’ as production increases after OPEC+ cuts expire

April 1, 2020
118
Senator Ted Cruz said that he and other GOP senators ecently ripped into the Saudi ambassador against weaponizing oil prices.
Energy

Ted Cruz: GOP senators warned Saudi Arabia against using oil as ‘economic warfare’ against Americans

March 30, 2020
151
The U.S. solar market installed 13.3 gigawatts (GW) of capacity in 2019, new report reveals.
Energy

US solar installations are expected to grow 47% in 2020 but coronavirus crisis might have an impact moving forward

March 17, 2020
115
Monday has seen a rise on oil prices, the first after six sessions of losses triggered by the coronavirus outbreak
Energy

Oil recovers after six sessions of losses as OPEC+ mulls to impose further cuts

March 3, 2020
127
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.