June 25, 2013
In accordance with the terms of article 248 of the Portuguese Securities Code, Galp Energia, SGPS, SA (“Galp Energia”) announces that:
Through its affiliate Galp Energia España, SA, Galp Energia has today entered into a definitive agreement to sell its 5% stake in Compañía Logística de Hidrocarburos CLH, SA (“CLH”) to the British Columbia Investment Management Corporation (bcIMC) at an agreed price of €111 million, net of any CLH interim dividends received by Galp Energia in June.
Financial close is expected within the next 4 weeks, with a capital gain of c. €53 million expected to be booked in Galp Energia´s 2013 second quarter results.
bcIMC is one of the largest institutional investors in Canada with assets under management of over C$ 100bn. bcIMC is a long term investor with an active direct infrastructure investment program.
This transaction falls within Galp Energia´s objective to monetise non-core assets and to focus on the development of its Exploration & Production portfolio, supported by the contribution of its downstream and gas businesses.
Galp Energia remains fully committed to its downstream business in the Spanish market and will continue to be a key client of CLH with whom it enjoys an excellent operating and institutional relationship.
BBVA acted as financial advisor to Galp Energia.
Galp Energia, SGPS, S.A.
Tiago Villas-Boas, Head
Tel: +351 21 724 08 66
Fax: +351 21 724 29 65
Address: Rua Tomás da Fonseca, Torre A, 1600-209, Lisboa, Portugal
Bloomberg: GALP PL