UAE –  Mubadala Investment Company, the Abu Dhabi-based sovereign investor, announced that it has sold a 37% stake in the Spanish oil and gas company Compaa Espaola de Petrleos (Cepsa) to funds affiliated to The Carlyle Group, a US-based Private equity company.

Accordingly, Mubadala will remain the majority shareholder in Cepsa with a shareholding of 63%, according to a press release.

Moreover, Carlyle and Mubadala have appointed Philippe Boisseau as Cepsa’s CEO, succeeding Pedro Miro who decided to retire.

Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala, and Chairman of Cepsa, said: “We are pleased to have completed the transaction and look forward to working closely with Carlyle and Cepsa’s management on growing the business and creating even greater value from its portfolio and operations.”

“I want to thank Pedro Miro, especially, for his long and dedicated service to Cepsa. He has played a vital role in developing Cepsa in recent years to become one of Spain’s leading companies and a business that is looking strong for the future. I also want to welcome our incoming CEO Philippe Boisseau, who will be leading the company’s next phase of growth. Philippe is well known to Mubadala from his time in the Middle East with one of our long-term partners and we are pleased to have him on board,” Al Kaabi added.”

Source: Mubasher

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