Abu Dhabi-owned Cepsa has struck a C$2.3 billion (Dh8.08bn) deal to acquire Houston-based Coastal Energy, which owns oil and gas assets in Thailand and Malaysia.
Compania Espanola de Petroleos (Cepsa), is the Spanish oil unit of Abu Dhabi’s International Petroleum Investment Company (Ipic).
Cepsa said yesterday that it had entered into a definitive agreement to acquire 100 per cent of Coastal’s shares at a price of C$19.00
The price represents a premium of 28 per cent on the company’s closing share price on Monday, and will be funded by Cepsa’s available resources.
As part of the acquisition, Cepsa will assume C$51 million worth of net debt.
The acquisition of Coastal is part of a Cepsa’s strategy to expand its exploration and petrochemicals business in South East Asia, North Africa and South America.
Coastal Energy owns and operates blocks in the Gulf of Thailand as well as varying onshore interests in Thailand including a 13.7 per cent interest in the Phu Horm gasfield.
The company is also party to a Small Field Risk Service Contract with Malaysia’s Petronas for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields located in West Malaysia.
Cepsa plans to spend US$10bn in the next five years, 80 per cent of which is for the expansion of its upstream activities in North Africa, South East Asia and South America, the company’s chief executive Pedro Miro said this month.
The remainder will be spent on expanding the company’s petrochemical production capacity in South East Asia, he said.
The merger is expected to close during the first quarter of next year, subject to approval by Coastal’s shareholders at a meeting to be held in January.
The acquisition is Cepsa’s first since it acquired an additional 7 per cent stake in Medgaz – the company in charge of operating the Algerian-European pipeline via Spain – in July.
On Monday Cepsa reported a 36 per cent fall in net income for the first nine months of the year, citing lower crude output and sales, narrower refining margins and a fall in motor fuel demand, and the impact of new regulations in Spain’s electricity sector.
jeverington@thenational.ae
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
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'Dark Waters'
Directed by: Todd Haynes
Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper
Rating: ****
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs: 2019 Jeep Wrangler
Price, base: Dh132,000
Engine: 3.6-litre V6
Gearbox: Eight-speed automatic
Power: 285hp @ 6,400rpm
Torque: 347Nm @ 4,100rpm
Fuel economy, combined: 9.6L to 10.3L / 100km