Cuatrecasas and Pérez-Llorca advises on the €275m sale of Gasib to Abastible
Cuatrecasas and Pérez-Llorca have advised on the sale of Cepsa butane business, Gasib, to Chilean energy company Abastible for €275 million. Gasib, the leading player in Spain’s non-regulated bottled liquefied gas market, boasts a customer base of 3.5 million, 200 employees, and the capacity to supply the entire Iberian Peninsula.
Abastible, part of multinational energy giant Copec and a market leader in liquefied gas across Chile, Colombia, Ecuador, and Peru, has made its first major European investment through this acquisition. Gasib, which also operates in Portugal as the fifth-largest provider, will continue to use the Cepsa brand post-acquisition, and its management team will remain in place.
Cepsa’s CEO, Maarten Wetselaar, highlighted the strategic importance of this transaction in Cepsa’s ongoing transformation into a leader in sustainable energy, focusing on areas such as green hydrogen and biofuels. This deal, pending regulatory approval and other standard conditions, will elevate Abastible into the global top 10 in the liquefied gas sector.
Banco Santander acted as the exclusive M&A financial advisor to Abastible, with legal counsel provided by Cuatrecasas. The Cuatrecasas team in charge of the advisory services was formed by the corporate and M&A experts Marcos García, Federico Roig and Flavia Terrés.
On the seller’s side, BNP Paribas served as the exclusive M&A advisor to Cepsa, while Pérez-Llorca handled the legal aspects. The team was composed by Alejandro Alberte (corporate partner), Ana Cremades (regulatory partner), Juan Jiménez-Laiglesia (competition partner), Jaime de Blas (competition partner) as well as corporate lawyers Lucía Rodríguez and Paula Álvarez de la Ballina,
