Global private equity fund Advent International agreed to buy a minority stake in the Colombia-based Ocensa oil pipeline. The company will purchase the stake from Canada's Talisman Energy Inc, Madrid's Cepsa, and France's Total SA. The deal was valued at USD1.1 billion, according to a report published by Reuters.
The sale of its minority stake was Talisman's most recent attempt to cut its expenses and increase its share price. Under the terms of the agreement, the US-based Advent will get a 22% stake in Ocensa. The said deal was managed by Credit Suisse and JPMorgan Chase, the report stated.
Talisman presently holds a 12% stake in Ocensa. Cepsa and Total each holds a 5% stake in the company, the report said.
Aside from Advent, Enbridge Inc and TransCanada Corp were also interested in purchasing the minority stake in Colombia's largest oil pipelines, the report added.
Meanwhile, Advent International and Talisman Energy still have not commented to Reuters on the said deal.
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