Mubadala Investment Company, the sovereign investor of the Abu Dabi government, and the U.S.-based Carlyle Group have completed the agreement for the purchase of shares in Cepsa that was announced last April 8. The buyer thus acquires 37% of the shares in the Spanish petroleum company, while Mubadala continues to be the majority shareholder and holds the remaining 63%.

Under the terms of the agreement, Mubadala is entitled to appoint five members to the board of directors, including the chairman, whereas Carlyle can appoint another three. There will continue to be one independent member, and the company's CEO will also serve on the board.

New CEO at Cepsa
One of the first joint decisions taken by the two Cepsa shareholders is the appointment of their new CEO. Philippe Boisseau has been chosen to replace Pedro Miró, who will be retiring. Boisseau has over 30 years of experience in the sector, particularly in the Total Group.

Musabbeh Al Kaabi, CEO of Petroleum & Petrochemicals at Mubadala and chairman of Cepsa, says of the sale of the shares: “We are pleased to have completed the transaction and look forward to working closely with Carlyle and Cepsa's management on growing the business and creating even greater value from its portfolio and operations”.

Changes in Cepsa's management
In regard to Miró's departure, Al Kaabi says: “I want to thank Pedro Miro, especially, for his long and dedicated service to Cepsa. He has played a vital role in developing Cepsa in recent years to become one of Spain’s leading companies and a business that is looking strong for the future. I also want to welcome our incoming CEO Philippe Boisseau, who will be leading the company’s next phase of growth. Philippe is well known to Mubadala from his time in the Middle East with one of our long-term partners and we are pleased to have him on board”.

Marcel van Poecke, head of Carlyle International Energy Partners and vice-chairman of Cepsa adds: “We are pleased Philippe Boisseau has agreed to become CEO as he has an impressive range of skills and leadership in the international energy sector. I know he will work closely with Pedro and the Cepsa leadership team in the coming weeks to ensure a smooth and successful leadership transition. Carlyle remains excited about its role as an investor, along with Mubadala, in Cepsa”.