December 16, 2013 [CincoDías/TankTerminals.com] - CEPSA sold 5% stake of CLH to the investment firm ARDIAN Investment, former Axa Private Equity, in what was announced to be the largest oil & gas operation this year in Spain.
ARDIAN will become the largest shareholder in CLH. The firm, which manages assets to an amount of 36 billion dollars (26.6 billion euro), had acquired 10% stake of CLH in 2011, so now will hold 15%.
On the other hand, CEPSA goes from holding 14.15% stake, as the largest shareholder, to 9.15%.
Therefore, its position in CLH shareholder structure is slightly below Repsol, Oman Oil, AMP Capital Investors and Marthilor, each of them holding 10% stake.
CEPSA, advised in this operation by BBVA Corporate & Investment Banking, considers this move aligned with its target to obtain funds in order to fund potential acquisitions and to continue developing upstream activities all over the world.
The closing of the operation is expected to take place before the end of this year and CEPSA will still have two representatives in the Board of Directors of the company run by José Luis López de Silanes.
CEPSA’s CEO, Pedro Miró, declared that “CLH has always been an important investment” for the company. “We are glad of being involved and we consider our holding is still enough to meet our goal”, he said.
Miró also explained CEPSA is focusing its efforts on exploration and production and the company interests are represented enough on the Spanish logistic platform.
CEPSA today has also announced the sale of its 5% in the Colombian pipeline Oleoducto Central (Ocensa) to a group of private investors lead by the global private equity firm Advent International.
The operation price is unknown. However, Galp closed its selling operation of 5% in CLH to the Canadian firm British Columbia Investment Management Corporation (bcIMC) for 111 million de euro.
