Latham & Watkins advises EIG on $19 billion Joint Venture with Repsol Upstream
Latham & Watkins has advised the American fund EIG, a leading institutional investor in the global energy and infrastructure sectors, on its agreement with Repsol to acquire a 25% stake in Repsol Upstream, a recently created global exploration and production company that comprises Repsol’s entire global oil and gas business. The transaction values the company’s exploration and production business at approximately $19 billion.
Repsol Upstream will own and operate the company’s globally diversified portfolio of Upstream assets, providing cash flow-generating and resilient operations in key geographic areas, with a focus on the United States. Repsol Upstream has committed to leading the reduction of greenhouse gas (GHG) emissions, initially adopting Repsol’s current objectives, which include a 75% reduction in its carbon intensity by 2025 compared to 2016 and the implementation of a decarbonisation plan that includes the development of new GHG emission reduction targets in the short and medium term.
In Madrid, the Latham & Watkins multidisciplinary team was led by partner Iván Rabanillo (pictured left) and associate Juan Rodríguez from Tax, associates Carmen Esteban, Marta Portuondo, and trainee Álvaro Mata from Commercial, counsel José María Alonso from Regulatory (pictured right) and Competition associate Carlos Betoret.
