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  • Galp Energia announces an agreement to sell its 5% shareholding in CLH
    édité le 26/06/2013 - Plus de news de "GALP" - Voir la fiche entreprise de "GALP"

Galp Energia announces an agreement to sell its 5% shareholding in CLH
In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, SA (“Galp Energia”) announces that:

Through its affiliate Galp Energia España, SA, Galp Energia has today entered into a definitive agreement to sell its 5% stake in Compañía Logística de Hidrocarburos CLH, SA (“CLH”) to British Columbia Investment Management Corporation (“bcIMC”) at an agreed price of €111 million.

Financial close is expected to take place within the next 4 weeks. A capital gain of c.€50 million will be booked as a non-recurrent gain in Galp Energia´s results.

bcIMC is one of the largest institutional investors in Canada with assets under management of over C$ 100bn. bcIMC is a long term investor with an active direct infrastructure investment program.

This transaction falls within Galp Energia´s objective to monetise non-core assets and to focus on the development of its Exploration & Production portfolio, supported by the contribution of its downstream and gas businesses.

Galp Energia remains fully committed to its downstream business in the Spanish market and will continue to be a key client of CLH with whom it enjoys an excellent operating and institutional relationship.

BBVA acted as financial advisor to Galp Energia.

About CLH
The CLH Group, which comprises Compañía Logística de Hidrocarburos and its subsidiary CLH Aviación, is the leading company in Spain for oil product transportation and storage and is one of the largest private companies in its sector at an international level.
See the CLH company information

About Galp Energia
We are Portugal’s oil and natural gas integrated operator. Our activities span from exploration and production of oil and natural gas to refining and marketing oil products, natural gas marketing and sales and power generation.

Origine : Communiqué GALP

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