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Galp Hires Banks For $3B Unit Stake Sale
Galp Energia has appointed Bank of America Merrill Lynch, JP Morgan and UBS to help in a stake sale of its Brazilian unit.
Galp Energiahas appointedBank of America Merrill Lynch,JP MorganandUBSto help in a stake sale of its Brazilian unit,Reutersreports. The Portuguese oil company is seeking to raise $3 billion from the sale of its stake.
The Lisbon-based company is looking for at least $2.95 billion to help fund its share in the development of oil fields in Brazil’s ‘subsalt region.’ The buyer of the stake is expected to be offered new shares representing at least 20% of the Brazilian arm.
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