Deal Insight
Sinopec acquires a 40% stake in Repsol Brasil
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
* UPDATE: In light of further clarification from Repsol YPF on the structure of this deal, we have amended our previously published Insight to reflect an effective purchase price of US$4.3 billion. Wood Mackenzie's base case valuation of Repsol Brasil remains unchanged. Sinopec is to acquire a 40% stake in Repsol Brasil. The deal is structured such that Repsol Brasil will increase its share capital by issuing new shares, to which Sinopec will fully subscribe. On completion of the ...
Table of contents
- Executive summary
- Transaction details
- Upstream assets
-
Deal analysis
- Base case valuation falls well short of the US$4.3 billion consideration
- Much more aggressive assumptions have been used in valuing the transaction
-
Strategic rationale
- Sinopec's most ambitious move yet
- Taking a long-term view and increasingly willing to partner with IOCs
- Repsol YPF
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Deal analysis: Table 1
- Deal analysis: Table 2
- Implied breakdown of value at different oil price scenarios (US$M)
- Implied breakdown of reserves at different oil price scenarios (mmboe)
- Strategic rationale: Table 1
- Net Brazilian reserves and acreage
What's included
This report contains:
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