Upon completion of the transaction, Ardian will have 25% stake in the Spanish oil products and storage company, CLH.
In 2011, Ardian purchased 10% stake in CLH and an additional 5% stake in 2013.
Ardian head of infrastructure and executive committee member Mathias Burghardt said: "This investment will provide certainty and stability to CLH, a critical infrastructure asset in Spain."
Ardian infrastructure managing director Juan Angoitia said: "Following the opening of its Madrid office in September, Ardian continues to strengthen its presence in Spain, where the company sees great opportunities."
CLH currently owns more than 4,000km of pipeline and seven million m3 of storage capacity in Spain, including strategic national reserves.
Recently, CLH acquired the Government Pipeline and Storage System (GPSS), the largest oil distribution network in the UK. GPSS has a pipeline network of 2,000km and 16 storage facilities with more than one million m3 combined storage capacity.
The sale comes in line with Repsol’s plan to optimize its portfolio through divestments of non-strategic assets.
Repsol said that the divestment plan comes as a result of the significant increase in size and core assets from the 100% acquisition of Canadian oil company Talisman Energy for $8.3bn in December 2014.
Recently, Ardian secured €2bn loan from investors for its third generation private debt investment fund.
Image: Repsol plans to optimize its portfolio through divestments of non-strategic assets. Photo: courtesy of Repsol.
