Spain's Repsol sells 25% of oil and gas unit to EIG for $4.8 B

(Reuters) - Spanish energy group Repsol is selling a 25% stake in its oil and gas exploration division to U.S. fund EIG for $4.8 B, building up a warchest for renewables projects as the energy industry moves to a lower-carbon future.

The deal, first reported by Reuters earlier this year, values the whole business at $19 B including debt, and may lead to a U.S. stock market listing of a stake in the unit after 2026, Repsol said in a statement.

The process started with an unsolicited offer from EIG, Reuters reported in June, sending Repsol's shares to a 14-year high.

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