Through this sale, Pemex will divest nearly all of its holding in Repsol, where its 9% stake has made it one of the top three shareholders.
Reuters noted that Mexico's government had suggested a possible Repsol stake sale in recent weeks to foster investment in new opportunities in Mexico. The country is ending its monopoly on oil and gas that has existed since 1938.
As a result of the divestment, Pemex will lose its seat on Repsol's board. Reuters said that the companies had hoped to team up to explore for offshore oil in the Gulf of Mexico, so the sale represents a lost opportunity for the two entities. Both Repsol and Pemex declined to comment.