2023-07-12 06:03:28
“multiplay” group
The Emirati “Multiplay” group acquired a minority stake in the Breakwater Energy Company, at a value of 367 million dirhams (regarding $100 million), in an investment made by Multipleplay +, the investment arm of the group.
The group said in a statement on the Abu Dhabi Financial Market website, that under this acquisition, the “Multiplay” group will become a partial owner of a diversified and profitable global portfolio capable of generating continuous cash flows, with a focus on gas and long-term reserves, as an attractive factor in terms of profit distribution.
EIG, an institutional investor in the energy and infrastructure sectors, acquired a 25 percent stake in Repsol E&P through its wholly owned subsidiary, Brickwater Energy.
Repsol E&P Gas Exploration and Extraction is comprehensive for all global oil and gas exploration activities of Repsol, whose portfolio includes diversified assets for global oil and gas exploration and operations within 15 countries, with production reaching 550,000 barrels of oil per day.
Breakwater Energy completed the acquisition of its stake in Repsol E&P in March 2023 for 17.6 billion dirhams (regarding $4.8 billion) including debt, while Repsol retained the remaining 75 percent stake.
Repsol intends to use the proceeds from this transaction to expand its low-carbon energy portfolio around the world. Repsol and E&G also expect the possibility of offering Repsol Upstream shares for trading on the stock market in the United States, starting in 2026, subject to favorable market conditions.
The Multipleplay Group confirmed its keenness to enhance its economically viable investments through its two arms: Multipleplay and Multipleplay+, as the former is currently operating and investing in the sectors of mobility, energy and utility services, media and communication, health fitness and beauty, while Multipleplay+ operates. The arm of the group is to seize investment opportunities and attract projects that achieve high and rewarding returns in various sectors.
The group said that it sees an abundance of valuable and high-return acquisition opportunities globally, which its investment arm, Multipleplay+, can capitalize well.
The group also indicated that it enjoys strong cash flows exceeding 1.2 billion dirhams, a good debt-to-equity ratio and assets with access to a large financing capacity of more than 4 billion dirhams. In parallel, the group continues to develop its operational business through the implementation of its expansion strategy. Through mergers and acquisitions, and employing digital transformation and artificial intelligence.
Emirates News
1689145216
#Multipleplay #buys #stake #Breakwater #Energy #million
