KUALA LUMPUR: EIG, a leading institutional investor in the global energy and infrastructure sectors, is entering into a definitive agreement with Repsol SA (Repsol) to acquire a 25% stake in Repsol Upstream, a newly-formed global exploration and production company comprising Repsol’s entire global upstream oil and gas business.
The partnership delivers upfront capital to Repsol to increase its investment in the energy transition, specifically to support the growth of Repsol’s renewable power generation, renewable fuels and circular products segments, the company said in a statement.
Under the terms of the agreement, a newly formed, wholly-owned subsidiary of EIG, Breakwater Energy, will acquire the 25% interest in Repsol Upstream for total consideration of approximately US$4.8bil (RM21.61bil), including debt, with Repsol holding the remaining 75%, indicating a total enterprise value of approximately US$19bil (RM85.5bil) for Repsol Upstream.
