Our Take: Too Good for Repsol to Resist

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Repsol’s sale of a 25% stake in its upstream business to EIG Global Energy Partners — valuing the unit at a higher-than-consensus $19 billion — is a coup for the Spanish major that will have its peers asking whether they should be doing something similar. The upstream valuation roughly equals Repsol's total market capitalization and Energy Intelligence believes the divestment ticks a number of transition-related boxes for the company, with the added bonus of allowing it to retain overall control of a business it views as strategic.

M&A, Corporate Strategy , Equity and Debt Markets, Upstream Projects, ESG
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