Repsol: sells 25% stake in upstream business
(CercleFinance.com) - EIG, a US investor specialising in the energy and infrastructure sectors, announced on Wednesday that it is taking a 25% stake in Repsol's upstream business.
The investment, estimated at some 4.8 billion dollars (about the same in euros), including debt, will enable the Spanish energy group to accelerate its growth in renewable energy, sustainable fuels and circular resource management.
This acquisition values the Repsol Upstream division, which includes Repsol's oil and gas exploration and production (E&P) businesses, at around 19 billion dollars.
The division will nevertheless remain majority controlled by Repsol, which will still hold 75% of it and will continue to consolidate the subsidiary's accounts in its financial statements.
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