Repsol SA said Sept. 25 it has reached an agreement to sell the 10% stake it held in Compañía Logística de Hidrocarburos (CLH) to the French investment company Ardian for 325 million euros (US$362.2 million).

CLH is the leading company in Spain for oil product transportation and storage and is one of the largest private companies in its sector internationally. CLH provides services to most oil product operators in Spain.

The sale is part of a program to optimize Repsol's portfolio through selective divestments of non-strategic assets launched after the acquisition of Talisman Energy Inc. (TLM) of Canada. The Talisman deal will significantly increased production and the quality and quantity of Repsol’s asset base, according to the release.

The sale of CLH will generate a capital gain for Repsol of 300 million euros. The company has carried out an extensive process involving almost 150 potential investors, generating significant interest and competition, before selecting the winning bid.

Following the agreement, investment company Ardian holds a 25% stake in CLH. BBVA is Repsol’s exclusive financial adviser