Abu Dhabi’s Multiply Group has bought a minority stake in Breakwater Energy for Dh367 million ($100 million) to increase its global portfolio.
Breakwater Energy is a unit of EIG, a top institutional investor in the global energy and infrastructure sectors. It acquired a 25 per cent interest in Spain's Repsol E&P, a gas-weighted exploration and production company comprising Repsol’s entire global upstream oil and gas business for $4.8 billion including debt in March.
Repsol’s globally diversified portfolio of upstream assets comprises more than 550,000 barrels of oil equivalent per day of production and operations in 15 countries. Repsol plans to use the proceeds of this transaction to expand its low-carbon platforms around the world, Multiply Group said on Wednesday in a statement to the Abu Dhabi Securities Exchange.
Repsol and EIG also foresee the potential to list the business in the US from 2026 onward, subject to favourable market conditions.
“The minority stake in Repsol E&P through EIG’s Breakwater Energy is a good fit for our Multiply+ portfolio, which identifies attractive dividend-paying investments with mid-to-short term horizon,” said Samia Bouazza, group chief executive and managing director at Multiply Group.
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