Last August it was reported that the company will invest €275 million to land in the old continent, where it will sell under the Cespa brand.
Abastible's deal to reach Europe was finally successfully closed.
In an essential fact before the Financial Market Commission (CMF) of Chile, Empresas Copec, of which Abastible SA is a subsidiary, indicated that following the approval of the competent authorities, the purchase of the liquefied gas businesses in Spain and Portugal of the Spanish Petroleum Company (Cepsa) was materialized.
On August 16, it was announced that the company will invest €275 million to land on the old continent, where it will sell under the Cespa brand.
Abastible closes deal to sell in Europe
In essence, Abastible's parent company stated that the transaction was "subject to compliance with the conditions precedent contemplated in the share purchase agreement (SPA), which included approval by the Spanish authority in relation to foreign direct investment, and by the European Commission in matters of free competition, in addition to other usual conditions in this type of contract."
After these conditions were met, the purchase of GASIB Sociedad Ibérica de Gas Licuado and GASIB – Sociedad Ibérica de Gás Liquefeito for €275,460,057 was finally completed through the subsidiary Hualpén Gas SA
According to Empresas Copec, Gasbi España is the main player in the sale of unregulated bottled liquefied gas (LPG) in the country, while its counterpart in Portugal is the fifth company by market share.
Both have six storage and filling plants, two storage plants and more than 200 warehouses belonging to third parties. Together, this allows them to “supply the entire Iberian world, the Canary Islands, Ceuta and Melilla, where they achieve sales of close to 240 thousand tons per year.”
“For the subsidiary Abastible, this operation represents a new and important investment, now for the first time in Europe, which allows it to deepen its participation in the distribution of a fuel that plays a role in the energy transition,” stated the essential fact signed by the general manager of Empresas Copec, Eduardo Navarro Beltrán.
Finally, although the gas company maintains that the transaction will have positive effects on its results, these are "not quantifiable" at the moment.
