Deals
Abu Dhabi’s Cepsa Pays $2.2 Billion for Coastal Energy
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Cia. Espanola de Petroleos SA, the Abu Dhabi-owned oil refiner, agreed to buy Coastal Energy Co. for C$2.3 billion ($2.2 billion) as the Middle East sheikhdom adds to crude and natural-gas assets in Southeast Asia.
Cepsa, as the Madrid-based company is known, and partner Strategic Resources (Global) Ltd. agreed to pay C$19 a share, 28 percent more than Coastal Energy’s closing price yesterday, the Houston-based company said in a statement. The venture will take on Coastal Energy’s C$51 million of net debt as part of the deal, due to close in the first quarter.