Carlyle Agrees To Buy 30% Stake In Spain's Cepsa In $3.6 Bln Deal: FT

(RTTNews) - The Carlyle Group L.P. (CG) has agreed to buy a 30 percent stake in Spanish oil and gas company Cepsa from an Abu Dhabi sovereign wealth fund for $3.6 billion including debt, according to Financial Times.

The report, citing people with direct knowledge of the deal, stated that the sale gives the business a total enterprise value of $12 billion. The deal is expected to close by the end of the year, pending regulatory approval.

As part of the agreement, Carlyle reserves the right to buy up to 40 percent of privately-owned Cepsa, which has been under Mubadala fund's ownership for the last three decades. Mubadala last year had rejected Carlyle's initial bid for Cepsa.

Following the agreed purchase, Carlyle will have at least two board seats, and Musabbeh Al Kaabi, a senior executive at Mubadala, will remain as chairman.

Cepsa generates about 175,000 barrels a day of production worldwide, including its stakes in two fields in Abu Dhabi. The company also operates refineries and chemical plants in Spain and elsewhere.