Abu Dhabi’s Mubadala has agreed to sell a 30-40% stake in Cepsa to the US-based global investment firm, Carlyle Group, Pipeline Oil and Gas Magazine reported.

The deal is worth around $12 billion and is expected to be closed by the end of 2019, when the final stakes of the shareholding parties will be determined.

“We share a common view about the strength and potential of Cepsa’s business and are confident in the company’s ability to continue its excellent operational and financial performance, which was reflected in the valuation we maintained throughout the process,” Musabbeh Al Kaabi, Mubadala’s CEO said.

The agreement is subject to regulatory approvals and concludes the dual-track process to include new partners as part of the company’s management portfolio.