BBVA Corporate Finance has acted as exclusive financial advisor for Cepsa in the sale of its 9.15% stake in Compañía Logística de Hidrocarburos (CLH) to the Canadian infrastructure fund Borealis Infrastructure.
The deal was closed on Monday, January 11 for over €300 million. The decision forms part of Cepsa's optimization program, which consists in selective divestment of the company's assets.
Cepsa has been a shareholder of CLH since 1992 and at one stage had a stake of 25.1% in the logistical group. CLH is the biggest oil product storage and transportation company in Spain, as well as being one of the biggest private companies within the industry at international level.
BBVA Corporate Finance team has provided comprehensive advice to ensure maximization of value in the sale process. BBVA's experience has been key to the success of the operation, in which it has once more demonstrated its leading position as adviser in cross-border executions and its relationship as Cepsa's strategic partner.