August 17, 2024 [Reuters]- Spain’s second-largest oil company Cepsa has agreed to sell its liquefied gas division Gasib in Spain and Portugal to a unit of Chile’s Empresas Copec for 275 million euros ($302.42 million), the companies said on Friday.
The sale is part of the Spanish company’s shift towards low-carbon businesses, for which it plans to invest up 8 billion euros by the end of the decade.
The sale of the unit, which offers products such as butane and propane, follows other recent divestments including those of upstream assets in Peru, Colombia and Abu Dhabi.
As part of the deal, Gasib will keep selling the products in Iberia under the Cepsa brand.
Banco Santander was sole M&A financial advisor to the buyer, while BNP Paribas advised Cepsa, a source said.
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