Mubadala is offloading 30-40% of Cepsa to investment firm Carlyle. The deal, worth up to $4.8bn, is slated to finance the Abu Dhabi state fund’s global expansion. Carlyle is building up a sizeable Mena oil and gas portfolio.

The Abu Dhabi government’s Mubadala investment fund announced an agreement on 8 April under which the Carlyle International Energy Partners (CIEP) affiliate of US investment firm Carlyle Group will acquire a stake of 30-40% of its wholly-owned Spanish...