Repsol To Sell 25% Of Upstream Business To EIG For $4.8 Bln

Repsol YPF SA (REPYY.PK), a Spanish energy and petrochemicals firm, said on Wednesday that it agreed to sell 25 percent of its upstream business for $4.8 billion to EIG Global Energy Partners, an institutional investor in the energy sector.

The transaction, expected to be completed within six months, values Repsol's upstream business at $19 billion. The deal between the two parties includes a possibility to list a minority stake of the business in the U.S. from 2026 onwards.

Josu Jon Imaz, CEO of Repsol, said: "Our ambition is to lead the energy transition. This pioneering agreement allows us to maintain the strategic direction of the upstream unit and, at the same time, to boost the transformation of the company and its multi-energy profile to achieve zero net emissions by 2050."

Repsol, as majority shareholder, will retain control of the upstream business.

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