Repsol Exits Chilean Gas Distributor

Repsol Exits Chilean Gas Distributor

Chile Europe M&A

Repsol has sold its subsidiary Repsol Butano Chile, which held a 45% stake in Chilean gas distributor Lipigas, for about $540m, it says. The sale cuts Repsol’s debt by $317m and results in a net capital gain of $170m for the company. For the last few years, Repsol has been selling non-core assets in LatAm to focus on vertically integrated operations and free up cash for exploration and production. Also, the company is working to protect its investment grade status following a downgrade after YPF

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