BBVA, exclusive financial advisor to Cepsa in the sale of a 5% stake in CLHDecember 10, 2013
BBVA Corporate & Investment Banking acted as exclusive financial advisor to Cepsa in the sale to Ardian of a 5.0% stake in CLH, the leading and largest oil logistics operator in Spain.
The sale of CLH by Cepsa is a landmark transaction, representing the largest transaction in the Spanish oil & gas sector announced over the last 12 months and the second transaction in 2013 in which BBVA acts as financial advisor to CLH' shareholders on the sale of their stakes, following Galp's sale of a 5.0% stake to bcIMC (there has only been two transactions since 2011 and BBVA has advised in both).
The transaction falls within Cepsa's objective to raise cash in order to finance potential acquisitions and continue developing its upstream activities globally.
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. The company manages an oil pipeline network of circa 4,000 km and 39 storage facilities with a capacity of nearly 8.0 million cubic metres.
Ardian, formerly Axa Private Equity, is a private equity investment firm with USD 36 Bn under management. Following this transaction, the Company will become the largest shareholder in CLH with a 15% stake as it already owns a 10% stake in CLH since 2011.