Funds managed by The Carlyle Group L.P. (NasdaqGS:CG) entered into an agreement to acquire 37% stake in Compañía Española de Petróleos, S.A.U. from CEPSA Holding LLC for an enterprise value of $12 billion on April 8, 2019. Post completion of the transaction, Mubadala Investment Company will remain a majority shareholder in Compañía Española de Petróleos, S.A.U. and Carlyle will hold a stake in Cepsa of between 30% and 40%. Equity for this investment will come from Carlyle International Energy Partners I & II, Carlyle Partners VII, Carlyle Europe Partners V and co-investors. The transaction is subject to regulatory approvals. As of July 25, 2019, the transaction is approved by EU commission. The transaction is expected to complete by the end of 2019. HSBC Holdings and JPMorgan Chase acted as financial advisors to The Carlyle Group L.P. and Rothschild acted as financial advisor to Mubadala Investment Company. Owen Clay, Alejandro Ortiz, Derek Tong, Tom Ford, Mark Russell, Stuart Bedford, José Giméne, Belén Lavandera, Alejandro Meca, Berta Teruel, Pilar Carnicero, Jaime Zurita and Elena Rodriguez of Linklaters acted as legal advisors to The Carlyle Group. Fernando Torrente of Allen & Overy acted as legal advisor to Compañía Española de Petróleos, S.A.U. Amanda Raad, Sean Seelinger and Ryan Rohlfsen of Ropes & Gray acted as legal advisors to The Carlyle Group. Ernst & Young acted as financial advisor to Compañía Española de Petróleos, S.A.U.

Funds managed by The Carlyle Group L.P. (NasdaqGS:CG) completed the acquisition of 37% stake in Compañía Española de Petróleos, S.A.U. from CEPSA Holding LLC on October 15, 2019. Mubadala will hold 63% stake in Compañía Española de Petróleos. Mubadala is now entitled to appoint five members to the Board of Compañía Española de Petróleos, including its Chairman and Carlyle can now appoint three members. Jeffrey Chenard, Manu Gayatrinath, Fernando Colomina, Charles Armstrong, Patrick Shannon, Jason Licht, Luca Crocco, Marc Williamson of Latham & Watkins acted as legal advisors to Carlyle Group.