Linklaters advises as Carlyle acquires stake in Cepsa from Mubadala

Linklaters advises as Carlyle acquires stake in Cepsa from Mubadala

  • Mubadala to remain majority shareholder in Europe’s largest privately-owned integrated oil & gas company
  • The agreement marks the successful conclusion of a proactive dual-track process conducted by Mubadala
  • Transaction expected to complete by end 2019

Linklaters has advised private equity firm Carlyle Group as it will acquire a stake in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala. Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated oil & gas company.

The stake in the Spanish oil major was sold by Abu Dhabi wealth fund Mubadala Investment Company.

Financial details were not disclosed. The transaction is subject to customary regulatory approvals, and is expected to close by end 2019.

The agreement marks the successful conclusion of a dual-track process conducted by Mubadala as part of its portfolio management and diversification strategy. Mubadala sought new partners in Cepsa in parallel with a public offering of shares in the company. Upon the signing of this agreement with Carlyle, Mubadala has ceased its efforts to sell a stake in Cepsa to the public

Owen Clay, Corporate partner at Linklaters, says: “We have seen an increase in M&A activity by private equity firms in the energy sector as the oil price recovers coupled with attractive asset valuations. This deal is a great example of that and we could see similar transactions over the coming year.”

The Linklaters team was led by Corporate partners Owen Clay (London) and Alejandro Ortiz (Madrid), managing associate Derek Tong and associate Tom Ford. The team also included Energy & Infrastructure partner Mark Russell, Corporate partner Stuart Bedford and managing associate Elena Rodriguez.

Linklaters financial sponsors team provides clients with a full-service offering and significant geographical reach, routinely advising top-tier sponsors on ever entry and exit point of a deal. Additionally, being consistently ranked as a top tier law firm across all elements of the energy sector, Linklaters is one of the few firms to offer full global dedicated energy sector capability to financial sponsors and other clients across all key product areas.

The team regularly advise on the biggest and most complex deals in the market, for example, we have advised on over 335 European buyouts with a value over $200bn+ since 2012.