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Third time lucky: Carlyle agrees to buy 30% of Cepsa from Mubadala

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08 April 2019

Third time lucky: Carlyle agrees to buy 30% of Cepsa from Mubadala

Report summary

After a rejected initial bid, followed by an aborted IPO, Abu Dhabi wealth fund Mubadala has agreed to sell 30% stake in Cepsa to The Carlyle Group for US$3.6 billion. The deal gives Cepsa an enterprise value of around US$12 billion, and Carlyle has the option to increase the stake to 40%. Our analysis of Cepsa's individual business segments - including upstream, refining, fuels marketing and chemicals - looks into their relative values based on asset quality, competitive position and market outlook.

Table of contents

  • Event
    • Upstream
    • Refining
    • Fuels marketing
    • Chemicals
    • Valuation

Tables and charts

This report includes 2 images and tables including:

  • Net Cash Margin (NCM) forecast: Cepsa vs. regional averages
  • Forecast refining EBITDA uplift between 2017 and 2020: Cepsa vs. peers

What's included

This report contains:

  • Document

    Third time lucky: Carlyle agrees to buy 30% of Cepsa from Mubadala

    PDF 779.81 KB

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