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Repsol sells 25% of upstream to EIG for US$4.8 billion

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01 October 2022

Repsol sells 25% of upstream to EIG for US$4.8 billion

Report summary

Repsol has sold a 25% interest in its upstream business to private equity company EIG for US$4.8 billion. The deal had been rumoured for some weeks and follows Repsol's recent sell-down of a 25% stake in its renewables business. The main driver for Repsol's divestment is to provide visibility on the underlying value of the upstream business. Selling a stake to EIG allows Repsol to do this while maintaining control of the business and bringing in a strategic financial partner.

Table of contents

Tables and charts

This report includes 11 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Repsol's enterprise value versus sum-of-the-parts valuation
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Repsol portfolio analysis by country
  • Repsol entitlement production
  • Newfield developments and yet-to-drill US investment: % of total development spend versus weighted average IRR; Repsol vs Euro Majors
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    Repsol sells 25% of upstream to EIG for US$4.8 billion

    PDF 1.56 MB