REPSOL: EIG IN TALKS TO ACQUIRE 25% OF REP’S EXPLORATION & PRODUCTION DIVISION (ANÁLISIS BANCO SABADELL)
The press is stating that REP is in advanced talks with EIG Global Energy Partners to sell the investment fund up to 25% of the exploration and production business (these talks would have arisen after an unsolicited reaching out by EIG). The value of the possible deal has not been mentioned (the talks could take months), although according to the news, the market value range for this division would be between € 14 Bn and € 18 Bn (100% EV) according to the consensus and vs. our current valuation of € 10.95 Bn (under review).Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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