Canadian public pension fund OMERS plans to sell its 24.77% stake in Spanish oil pipeline and storage operator Exolum amid Europe’s energy crisis, Spanish newspaper Expansion reported on Wednesday citing unidentified market sources.
OMERS hired Citigroup to coordinate the transaction, Expansion said, adding it estimated the value of the stake as high as 1.3 billion euros ($1.33 billion) based on past valuations of the company.
The Canadian pension fund is the second largest shareholder in Exolum, after buyout fund CVC.
Exolum and OMERS did not immediately respond to requests for comment and no one was immediately available for comment at Citigroup’s Spanish office
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