Tuesday 23 April 2019
 
»
 
»
Story

Musabbeh Al Kaabi. Image courtesy:: Bloomberg TV

Cepsa IPO 'at right time' says Mubadala

ABU DHABI, 12 days ago

Mubadala Investment Company will consider an IPO for its fully-owned Spanish oil firm Cepsa “when the time is right”, said Musabbeh Al Kaabi, chief executive officer of petroleum and petrochemicals at Mubadala. 
 
Speaking to Manus Cranny, Bloomberg Television at the Bloomberg Invest Abu Dhabi opening dinner, Al Kaabi spoke about the recent stake stale in Cepsa to Carlyle. 
 
Al Kaabi said: “We are fully satisfied with the agreement and the value we agreed on. The $12 billion enterprise value demonstrates clearly that the business is very strong.”
 
Carlyle Group has agreed to buy a stake valued at $4.8 billion in Cepsa from Mubadala Investment Co, about six months after the Abu Dhabi sovereign fund shelved plans to list the Spanish oil refiner, said a Bloomberg report earlier.
 
Carlyle will acquire 30 to 40 percent of Cepsa, in a deal that gives the company an enterprise value of $12 billion, said a statement. Mubadala will remain the majority shareholder and the transaction is expected to be completed by the end of 2019.
 
Al Kaabi also said that the Carlyle team and Mubadala team are driven by one principal – value creation.
 
Also speaking at the Bloomberg Invest Abu Dhabi opening dinner was Waleed Al Mokarrab Al Muhairi, deputy group CEO and chief executive officer, Alternative Investments & Infrastructure, Mubadala Investment Company. 
 
He discussed the impact of technology on business, highlighting Mubadala’s effort to be an active participant in that space and that Mubadala’s focus is on how the technology is going to create value in the industries that they know best. 
 
Al Muhairi added: ““We stand at a crossroads of multiple continents, we are well positioned from an access perspective to emerging markets; India, China, certainly Africa and we are in many ways have become the gateway to both investments and growth across these key markets.” - TradeArabia News Service
 



Tags:

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads