Repsol has reached an agreement to sell the 10% stake it held in Compañía Logística de Hidrocarburos (CLH) to investment company Ardian for €325 million.
Repsol says that this sale is part of a program to optimize the company’s portfolio through selective divestments of non-strategic assets launched after the acquisition of Talisman Energy.
The sale of CLH will generate a capital gain for Repsol of €300 million. Following this agreement, in which BBVA has acted as Repsol’s exclusive financial advisor, investment company Ardian holds a 25% stake in CLH.
CLH provides oil product transportation and storage in Spain, providing services to most oil product operators in that country.