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Repsol paying up to US$46.5m for 40% stake in United Global unit

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Claudia Tan HS

Published Mon, Sep 30, 2019 · 09:50 PM

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    Singapore

    GLOBAL energy company Repsol Downstream Internacional has made its first foray into South-east Asia by buying a substantial stake in a unit of Catalist-listed lubricant manufacturer and trader United Global Ltd for up to US$46.5 million.

    Repsol will acquire a 40 per cent stake in United Global's wholly-owned subsidiary, United Oil Company Pte Ltd, for an initial cash consideration of US$36.5 million, with a further US$10 million payable depending on the delivery of revenue-related earn-out targets for FY2023.

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