Private equity firm Carlyle Group is ahead of other contenders to buy a 30 perce...
MADRID/LONDON/ABU DHABI - 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 , just four months after owner Mubadala shelved a listing of the energy company, three sources familiar with the matter told Reuters.
Carlyle, whose energy and natural resources division includes funds such as Neptune Energy, could reach an agreement within weeks, one of the sources said.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.
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.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 in the past few months.
In the energy sector, Saudi Aramco was among the most high-profile listings that were halted in 2018.
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