Spain's Repsol has agreed to sell a 3.83% stake in its Argentinean firm YPF to Lazard Asset Management and other investment funds for $639 million. Both transactions have been agreed at a price of $42.4 per share.
Lazard Asset Management will acquire for $484 million a total of 2.9% of YPF for a number of its clients, while a further 0.93% will be acquired by other investors for a total $155 million.
At the end of last year, Repsol agreed the sale of 3.3% of YPF for $500 million to funds managed by Eton Park Capital Management, Capital Guardian Trust Company and Capital International, Inc.
Additionally, shares of YPF totalling 1.06% of the company have been sold on the stock markets in the last few months.
Following the latest transactions, YPF’s shareholding structure is as follows: Repsol Group (75.9%), Petersen Group (15.46%) and 8.64% free float.
This deal is part of Repsol’s strategic aim to rebalance its global assets portfolio as laid out in the Horizon 2014 plan, allowing new shareholders into YPF.