{"id":4038,"date":"2023-03-02T17:57:30","date_gmt":"2023-03-02T17:57:30","guid":{"rendered":"https:\/\/dev.pixflex.com\/eig2\/?p=4038"},"modified":"2023-03-02T18:14:43","modified_gmt":"2023-03-02T18:14:43","slug":"eig-completes-acquisition-of-25-of-repsols-entire-global-upstream-business","status":"publish","type":"post","link":"https:\/\/dev.pixflex.com\/eig2\/eig-completes-acquisition-of-25-of-repsols-entire-global-upstream-business\/","title":{"rendered":"EIG Completes Acquisition of 25% of Repsol\u2019s Entire Global Upstream Business"},"content":{"rendered":"<p class=\"p1\" style=\"text-align: justify;\"><strong><i>EIG\u2019s Breakwater Energy acquires stake for $4.8 billion<\/i><\/strong><\/p>\n<p style=\"font-weight: 400; text-align: justify;\">EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 25% interest in Repsol Upstream, a newly-formed, gas-weighted exploration &amp; production company comprising Repsol\u2019s entire global upstream oil and gas business.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Breakwater Energy, a wholly owned subsidiary of EIG, acquired the 25% interest in Repsol Upstream for total consideration of approximately $4.8 billion, including debt, with Repsol holding the remaining 75%.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Repsol Upstream owns and operates Repsol\u2019s globally diversified portfolio of upstream assets, comprising more than 600,000 boe\/d of production and operations in 15 countries, including the United States. The portfolio generates significant free cash flow that should support a meaningful dividend, while also maintaining relatively low carbon intensity versus peers. Both Repsol and EIG foresee the potential to list the business in the United States from 2026 onward, subject to favorable market conditions.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">\u201cRepsol is a leader in the energy transition, and we are pleased to have completed this transaction with a global company that shares our commitment to reducing emissions while meeting the world\u2019s energy demands,\u201d said R. Blair Thomas, EIG\u2019s Chairman and CEO. \u201cThe transaction sets Repsol Upstream on a path toward an accelerated decarbonization future, strong cash flow generation and potential market liquidity.\u2019\u2019<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">As previously announced, EIG will have the right to nominate two members to Repsol Upstream\u2019s eight-member Board of Directors. Four will be nominated by Repsol and the remaining two will be independent. EIG will also appoint two senior executives to Repsol Upstream\u2019s leadership team, one to serve as ESG Director and the other to lead special projects, including IPO preparedness.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Goldman Sachs &amp; Co LLC and J.P. Morgan acted as financial advisors to EIG in connection with the transaction. Goldman Sachs &amp; Co LLC, J.P. Morgan and Lazard acted as capital markets advisors in connection with the financing of the transaction. Latham &amp; Watkins and Debevoise &amp; Plimpton served as EIG\u2019s legal advisors.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><strong>About EIG<\/strong><\/p>\n<p style=\"font-weight: 400; text-align: justify;\">EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.7 billion under management as of December 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $44.6 billion to the energy sector through 396 projects or companies in 42 countries on six continents. EIG\u2019s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG\u2019s website at <a href=\"http:\/\/www.eigpartners.com\">www.eigpartners.com<\/a>.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><strong>About Repsol<\/strong><\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Repsol is a global multi-energy company that is leading the energy transition. It has set itself the goal of becoming a net zero emissions company by 2050. It is present throughout the energy value chain, it employs 24,000 people, and it distributes its products in more than 90 countries to 24 million customers.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">The company can meet any energy and mobility needs of consumers, with a customer-centric offering. It is at the forefront of developing sustainable solutions for mobility, with increasingly efficient fuels, electric recharging, renewable fuels (advanced biofuels and synthetic fuels), AutoGas, and natural gas for vehicles.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">To achieve net zero emissions by 2050, Repsol is committed to a model that integrates all decarbonization technologies, based on improving efficiency, increasing its renewable electricity generation capacity, the production of renewable fuels, the development of new solutions for customers, the circular economy, and the promotion of cutting-edge projects to reduce the industry&#8217;s carbon footprint.<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">For more information, visit <a href=\"http:\/\/www.repsol.com\">www.repsol.com<\/a> <strong>\u00a0<\/strong><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><strong>Media Contacts<\/strong><\/p>\n<p style=\"font-weight: 400; text-align: justify;\">EIG<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">FGS Global<\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Kelly Kimberly \/ Brandon Messina<\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><a href=\"tel:+12126878080\">+1 212-687-8080<\/a><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><a href=\"mailto:EIG@FGSGlobal.com\">EIG@FGSGlobal.com<\/a><\/p>\n<p style=\"font-weight: 400; text-align: justify;\">Repsol<\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><a href=\"tel:+34917538787\">+34 91 753 8787<\/a><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><a href=\"mailto:prensa@repsol.com\">prensa@repsol.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EIG\u2019s Breakwater Energy acquires stake for $4.8 billion EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 25% interest in Repsol Upstream, a newly-formed, gas-weighted exploration &amp; production company comprising Repsol\u2019s entire global upstream oil and gas business. Breakwater Energy, a wholly owned [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[165,166],"class_list":["post-4038","post","type-post","status-publish","format-standard","hentry","category-news","tag-breakwater","tag-repsol"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EIG Completes Acquisition of 25% of Repsol\u2019s Entire Global Upstream Business - EIG Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.pixflex.com\/eig2\/eig-completes-acquisition-of-25-of-repsols-entire-global-upstream-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIG Completes Acquisition of 25% of Repsol\u2019s Entire Global Upstream Business - EIG Partners\" \/>\n<meta property=\"og:description\" content=\"EIG\u2019s Breakwater Energy acquires stake for $4.8 billion EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 25% interest in Repsol Upstream, a newly-formed, gas-weighted exploration &amp; production company comprising Repsol\u2019s entire global upstream oil and gas business. 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