Buyout Firm CVC Said Near Agreement to Buy Stake in Spain's CLH

  • Ardian’s 25% stake in CLH may be valued at 1.5 billion euros
  • An agreement with CVC could be announced as early as next week

Private equity firm CVC Capital Partners is nearing an agreement to buy a minority stake in Spanish oil pipeline operator Compania Logistica de Hidrocarburos CLH SA from Ardian valued at about 1.5 billion euros ($1.6 billion) including debt, according to people familiar with the matter.

CVC’s agreement for the 25 percent stake in CLH, as the Madrid-based company is known, could come as early as next week, the people said, asking not to be identified because the deliberations are private. CVC may have outbid rival offers from companies including Macquarie Group Ltd.’s infrastructure fund, the people said.

No final decision has been made, talks are ongoing and other bidders including Macquarie and sovereign wealth funds remain interested in the stake, they said. A representative for CVC declined to comment and Ardian and Macquarie didn’t immediately respond.

The deal would make CVC the largest shareholder in CLH, which is the owner and operator of one of the largest oil transportation networks with more than 4,000 kilometers (2,486 miles) of underground pipelines, according to its website. Other CLH shareholders include Borealis Infrastructure Management Inc., Oman Oil Co. and French bank Credit Agricole SA.

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