Deal insight

IPIC acquires Total's 48.83% stake in Cepsa



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Report summary

Total is to sell its 48.83% share in Cepsa to International Petroleum Investment Company (IPIC) a wholly owned entity of the Government of the Emirate of Abu Dhabi. Cepsa is Spain's second largest oil company with interests along the entire energy value chain E&P Refining & Marketing Petrochemicals and Gas & Power. The deal is worth US$4.78 billion to Total. For IPIC which already held a 47.06% stake in Cepsa the deal marks its first takeover of a company involved ...

What's included

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  • Document

    IPIC acquires Total's 48.83% stake in Cepsa

    PDF 335.07 KB

Table of contents

  • Executive summary
  • Transaction details
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 3 images and tables including:


  • Cepsa reported net operating income by segment and Wood Mackenzie valuation of upstream assets (NPV10)


  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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