EIG has entered into a definitive agreement with Repsol S.A. to acquire a 25-percent stake in Repsol Upstream, a newly formed global exploration and production (E&P) company comprising Repsol’s entire global upstream oil and gas business.
The strategic partnership delivers upfront capital to Repsol to increase its investment in the energy transition, specifically to support the growth of Repsol’s renewable power generation, renewable fuels, and circular products segments.
Under the terms of the agreement, a newly formed, wholly owned subsidiary of EIG, Breakwater Energy, will acquire the 25 percent interest in Repsol Upstream for total consideration of approximately $4.8 billion, including debt, with Repsol holding the remaining 75 percent, indicating a total enterprise value of approximately $19 billion for Repsol Upstream. The company will be majority controlled by Repsol and will be consolidated in the accounts of Repsol.
Repsol Upstream is a gas-weig