EIG Completes Acquisition of 25% of Repsol’s Entire Global Upstream Business
2.3.2023 20:52:00 EET | Business Wire | Press release
EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 25% interest in Repsol Upstream, a newly-formed, gas-weighted exploration & production company comprising Repsol’s entire global upstream oil and gas business.
Breakwater Energy, a wholly owned subsidiary of EIG, acquired the 25% interest in Repsol Upstream for total consideration of approximately $4.8 billion, including debt, with Repsol holding the remaining 75%.
Repsol Upstream owns and operates Repsol’s globally diversified portfolio of upstream assets, comprising more than 600,000 boe/d of production and operations in 15 countries, including the United States. The portfolio generates significant free cash flow that should support a meaningful dividend, while also maintaining relatively low carbon intensity versus peers. Both Repsol and EIG foresee the potential to list the business in the United States from 2026 onward, subject to favorable market conditions.
“Repsol is a leader in the energy transition, and we are pleased to have completed this transaction with a global company that shares our commitment to reducing emissions while meeting the world’s energy demands,” said R. Blair Thomas, EIG’s Chairman and CEO. “The transaction sets Repsol Upstream on a path toward an accelerated decarbonization future, strong cash flow generation and potential market liquidity.’’
As previously announced, EIG will have the right to nominate two members to Repsol Upstream’s eight-member Board of Directors. Four will be nominated by Repsol and the remaining two will be independent. EIG will also appoint two senior executives to Repsol Upstream’s leadership team, one to serve as ESG Director and the other to lead special projects, including IPO preparedness.
Goldman Sachs & Co LLC and J.P. Morgan acted as financial advisors to EIG in connection with the transaction. Goldman Sachs & Co LLC, J.P. Morgan and Lazard acted as capital markets advisors in connection with the financing of the transaction. Latham & Watkins and Debevoise & Plimpton served as EIG’s legal advisors.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.7 billion under management as of December 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $44.6 billion to the energy sector through 396 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About Repsol
Repsol is a global multi-energy company that is leading the energy transition. It has set itself the goal of becoming a net zero emissions company by 2050. It is present throughout the energy value chain, it employs 24,000 people, and it distributes its products in more than 90 countries to 24 million customers.
The company can meet any energy and mobility needs of consumers, with a customer-centric offering. It is at the forefront of developing sustainable solutions for mobility, with increasingly efficient fuels, electric recharging, renewable fuels (advanced biofuels and synthetic fuels), AutoGas, and natural gas for vehicles.
To achieve net zero emissions by 2050, Repsol is committed to a model that integrates all decarbonization technologies, based on improving efficiency, increasing its renewable electricity generation capacity, the production of renewable fuels, the development of new solutions for customers, the circular economy, and the promotion of cutting-edge projects to reduce the industry's carbon footprint.
For more information, visit www.repsol.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301006106/en/
Contact information
Media
EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@FGSGlobal.com
Repsol
+34 91 753 8787
prensa@repsol.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
bet365 Partners with TestMu AI to Accelerate Global Release Velocity with Agentic AI Quality Engineering31.3.2026 20:01:00 EEST | Press release
TestMu AI (Formerly LambdaTest), the world's first full-stack Agentic AI Quality Engineering platform, today announced that Hillside Technology Limited, the technology powerhouse behind global online gambling leader bet365, has adopted its platform to unify software testing and support hundreds of weekly production releases. The global online gaming industry is currently experiencing a massive shift, with the market projected to exceed $150 billion by 2030. As mobile gaming becomes the primary touchpoint for users, the technical complexity of delivering a seamless, low-latency experience has grown exponentially. For industry giants like bet365, the need to validate software across an infinite matrix of hardware, screen resolutions, and OS versions is a mission-critical requirement. This partnership ensures that, as gaming becomes more mobile-centric, bet365 can lead with technical excellence by testing on real-world configurations that mirror its diverse global user base. Founded in 20
IFF Secures First Heart Health Claim for Soy Protein in Australia and New Zealand31.3.2026 17:00:00 EEST | Press release
IFF (NYSE: IFF), a global leader in flavors, fragrances, food ingredients and health & biosciences announced today that a new heart health claim for isolated soy protein has been accepted by the Food Standards Australia New Zealand (FSANZ). The approval enables food and beverage manufacturers in Australia and New Zealand to link soy protein consumption with healthy blood cholesterol levels. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260330523416/en/ First heart health claim approved for soy protein in Australia and New Zealand. “For decades, IFF has invested in the science behind soy protein and its role in supporting cardiovascular health,” said Tony Andrew, vice president of protein solutions for IFF Food Ingredients. “This approved claim validates years of rigorous research and collaboration. With our deep expertise in ingredient science, application and scale, we are well-positioned to help our customers translate th
Andersen Consulting Strengthens Capabilities with Addition of Lukkap31.3.2026 16:30:00 EEST | Press release
Andersen Consulting adds collaborating firm Lukkap, a consultancy focused on experience-driven capabilities aligned with clients’ evolving people, customer, and digital transformation needs. Founded in 2009 and headquartered in Spain, Lukkap delivers integrated solutions that help organizations transform how they serve customers, engage employees, and unlock value through behavioral insights and data analytics. The firm’s multidisciplinary approach spans customer journey redesign, high-impact employee experience programs, talent and leadership development, predictive analytics, and comprehensive outplacement and transition services. Lukkap works across sectors — including healthcare, pharmaceutical, consumer goods, retail, finance, and banking — to build human-centered strategies that drive measurable business results. “By combining our experience-led methodology with Andersen Consulting’s global platform, we can accelerate the way organizations approach customer experience,” said Albe
Sub-Q Bionics Closes $1.5M Pre-Seed Round to Advance Next-Generation Solution for Lymphedema Care31.3.2026 16:26:00 EEST | Press release
Sub-Q Bionics, a medical device company developing next-generation solutions to improve care for patients living with lymphedema, today announced the successful close of its $1.5 million pre-seed funding round. The round includes investment from Mayo Clinic and Yeda, the technology transfer company of the Weizmann Institute of Science, as well as several private investors. The Israel Innovation Authority also provided matching funds. The funding will enable Sub-Q Bionics to continue to develop its novel bionic lymph node technology designed to transform how lymphedema is managed, based on scientific innovations from the Weizmann Institute and Shamir Medical Center. The system aims to provide a solution to manage fluid with a subcutaneous implant that will allow patients freedom of movement, automatic fluid management and reduction of symptoms such as pain and swelling. Lymphedema affects millions of patients worldwide, especially breast cancer survivors, and remains significantly under
HTEC Achieves SOC 2 Type II Attestation, Reinforcing Commitment to Client Trust31.3.2026 16:25:00 EEST | Press release
HTECtoday announced that it has successfully achieved a SOC 2 Type II attestation, audited by Deloitte, demonstrating the company’s commitment to maintaining high standards in security, availability, and confidentiality. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260331132225/en/ HTEC today announced that it has successfully achieved a SOC 2 Type II attestation, audited by Deloitte, demonstrating the company’s commitment to maintaining high standards in security, availability, and confidentiality. For clients, this means working with a technology partner whose practices are standardized, consistently executed, and independently verified over time. It reflects a level of operational maturity where security, reliability, and data protection are built into every engagement. Achieving this standard required coordinated effort across the entire organization. Compliance, engineering, delivery, security, IT, legal, and people t
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom