Repsol has reached an agreement with a consortium of Chilean investors, led by LarrainVial, for the sale of 100% of its subsidiary Repsol Butano Chile for approximately $540 million. Repsol Butano Chile holds a 45% stake of Lipigas, a company present in the Chilean LPG commercialization market, in addition to other financial assets.
The deal will generate a net capital gain of $170 million and reduce the Repsol Goup’s debt by approximately $317 million.
This transaction is part of the divestment of non-strategic assets included in Repsol’s 2012-2016 Strategic Plan which aims for up 4.5 billion euros of divestment for the period. These divestments, which already amount to 1.85 billion euros, together with other measures, aim to improve the financial structure of the group and to fund planned investments in exploration and production, the company's growth engine.