Deal Insight
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
- Executive summary
- Transaction details
-
Upstream assets
- Overview
- Production
- Returns
- Deal analysis
-
Upsides and risks
- Upsides
- Downsides
-
Strategic rationale
-
Repsol
- Restructuring for the transition
- Resilience enhanced
- EIG
-
Repsol
- Oil & gas pricing and assumptions
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:
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