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The International Petroleum Investment Company (IPIC) has announced that it concluded a deal to buy a 32.5% stake in Compania Espanola de Petroleos (Cepsa) from Santander at Euro 33 a share.
It is believed that another deal will follow shortly involving IPIC buying a 5% stake in Cepsa from Unión Fenosa. The deals would take the Abu Dhabi’s sovereign wealth fund’s stake in the Spanish energy company to 47%, the second highest shareholder behind French supermajor Total.
“IPIC is delighted to increase its participation in Cepsa, an important company in the Iberian energy sector,” Khadem al Qubaisi, MD of IPIC said.
“Following completion of these acquisitions, IPIC will endeavor to play an active and constructive role in Cepsa’s development.”
The full value of the deal was undisclosed.
The transaction is subject to a number of conditions precedent, including obtaining required regulatory approvals and financing for the transaction.
