Rubiales sells stake in Pacific Midstream

Rubiales sells stake in Pacific Midstream

M&A

Pacific Rubiales has sold a 43% stake in Pacific Midstream for $320m to a consortium of investors led by the International Financial Corporation (IFC) in a bit to improve its cash position, the company said on Wednesday. Under the agreement, Pacific Rubiales will receive $240m in cash before the end of the year, while Pacific Midstream will receive a further $80m in the first quarter of 2015. The consortium has agreed to invest a further $60m to develop infrastructure projects. "We are pleased t

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