Abu Dhabi – Mubasher: Mubadala Investment Company announced that it has agreed to sell a minor stake in its fully-owned Spanish oil and gas firm Compañía Española de Petróleos (Cepsa) to the US-based Carlyle, listed on Nasdaq Dubai.

Carlyle Group will acquire a stake ranging between 30% and 40%, while Mubadala will remain the majority shareholder of Cepsa under the deal, the Abu Dhabi strategic investment firm said in a statement.

The agreement’s total value amounted to AED 44 billion ($12 billion), The National reported.

“We are extremely satisfied with the completion of the process and achieved a very fair valuation [for our stake],” Musabbeh Al Kaabi, chief executive of petroleum and petrochemicals at Mubadala, told The National.

The whole transaction is subject to regulatory approvals and it is expected to be finalised by the end of 2019.

The deal aims at exploring options for a public offering or private placement, in addition to bringing in new partners as part of its portfolio management strategy.

It is worth noting that Cepsa is Europe’s biggest privately-owned oil and gas company, with an extensive network of retail service stations across the Iberian Peninsula and two refineries in Spain.

It is also a global leader in the production of linear alkyl benzene (LAB), a key component in the manufacture of biodegradable detergents, and is the second-largest producer of phenol and acetone.