BBVA Corporate Finance has acted as exclusive financial advisor to Galp, Portugal's largest oil and natural gas integrated operator, in the sale of its 5.0% stake in CLH to British Columbia Investment Management Corporation (bcIMC).

This transaction is aligned within Galp's objective to monetise non-core assets and to focus on the development of its Exploration & Production portfolio, supported by its downstream and gas businesses.
Founded in 1927, CLH is the leading and largest oil logistics operator in Spain, with a logistics system that covers the entire country through an extensive network of storage centres and oil pipelines.
 
bcIMC is one of the largest institutional investors in Canada with assets under management of over 100 billion Canadian Dollar.
 
BBVA Corporate Finance team demonstrates once again its expertise and leadership, advising the largest transaction in the Spanish energy sector announced over the last 12 months, which also comes to be the largest investment by a Canadian investor in Southern Europe over the last five years.
 
This is the second transaction in which BBVA advises Galp for the last two years and the eleventh one advising the Iberian market since the start of 2013, and these indeed reflect the positioning of BBVA as a reference advisor for Iberian clients. Also, this is transaction number 16 in the energy sector and the cross-border transaction number 42 since 2010, reinforcing BBVA's expertise in this sector and demonstrating its excellent cross-border advising capabilities.