Integrated energy firm Repsol YPF has signed an agreement with Deutsche Bank for the sale of a 5% stake in Spanish energy and chemicals logistics firm Compania Logistica de Hidrocarburos for E176.5 million, reducing its holding to 20%.
The transaction falls within the Spanish-Argentine company’s strategy for a gradual divestment from non-strategic assets.
The stock purchase will give Deutsche Bank the right to nominate one member on the board of directors of Compania Logistica de Hidrocarburos (CLH).
Repsol said that it will continue to support CLH’s management and strategy. It intends to remain as one of the shareholders of reference and the first industrial client of the logistics company.