Abu Dhabi to sell over 25pc of Spain’s Cepsa

Abu Dhabi plans to float at least 25 per cent of Spain’s Cepsa by the end of 2018, the energy company announced yesterday, in what would be the largest listing in a decade on the Madrid stock exchange, reports AFP from Madrid.

Cepsa did not say how much the deal would be worth but market sources said the listing could value the firm, which operates across the entire oil and gas value chain, at around 10 billion euros ($11.6 billion).

Spanish business daily Expansion said the listing, which is subject to market conditions, is set to be the biggest Spain has seen in a decade.

Cepsa has since 2011 been wholly owned by Mubadala, whose vast portfolio also includes stakes in private equity firm Carlyle, telecoms company Etisalat Nigeria and gas firm Emirates LNG.

“We are proud of our partnership with Cepsa, which is a strategic energy investment for Mubadala and a national industrial champion for Spain,” said Musabbeh Al Kaabi, head of petroleum at Mubadala.

The planned listing on the Madrid stock exchange is “a natural and strategic fit for Cepsa that will provide wider access to capital markets to support financial flexibility,” he added in a statement.

 

Abu Dhabi to sell over 25pc of Spains Cepsa

Abu Dhabi plans to float at least 25 per cent of Spains Cepsa by the end of 2018, the energy company announced yesterday, in what would be the largest listing in a decade on the Madrid stock exchange, reports AFP from Madrid. Cepsa did not say how much the deal would be worth but market sources said the listing could value the firm, which operates across the entire oil and gas value chain, at around 10 billion euros ($11.6 billion). Spanish business daily Expansion said the listing, which is subject to market conditions, is set to be the biggest Spain has seen in a decade. Cepsa has since 2011 been wholly owned by Mubadala, whose vast portfolio also includes stakes in private equity firm Carlyle, telecoms company Etisalat Nigeria and gas firm Emirates LNG. We are proud of our partnership with Cepsa, which is a strategic energy investment for Mubadala and a national industrial champion for Spain, said Musabbeh Al Kaabi, head of petroleum at Mubadala. The planned listing on the Madrid stock exchange is a natural and strategic fit for Cepsa that will provide wider access to capital markets to support financial flexibility, he added in a statement.