28.09.15. Repsol has reached an agreement to sell its 10 percent stake in Compania Logistica de Hidrocarburos (CLH) to investment company Ardian for €325 million.
The sale is part of Repsol’s programme to sell non-strategic assets launched after the acquisition of Talisman Energy of Canada. The Spanish oil major said that acquisition “significantly increased production and the quality and quantity of Repsol’s asset base”.
The sale of CLH will generate a capital gain for Repsol of €300 million. The company carried out an extensive process involving almost 150 potential investors, generating interest and competition, before selecting the winning bid.
Following the agreement, in which BBVA acted as exclusive financial advisor, will hold Ardian 25 percent of CLH.
Ardian first became a shareholder in CLH in 2011 with the acquisition of a 10 percent stake, before acquiring an additional 5 percent in 2013.