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Ardian sells stake in oil transport company to CVC Capital

The Paris-based firm paid €325m for a 10 percent stake in a Spanish oil pipeline and storage company.

CVC Capital Partners, one of Europe's largest private equity groups, has acquired a 25 percent stake in Spanish oil transport and storage company CLH.

CVC invested an undisclosed amount in CLH through its Strategic Opportunities Platform. The firm acquired a 10 percent stake in Paris-based Ardian Infrastructure and 5 percent stakes from Spanish bank Abanca, Alberta Investment Management Corporation and Kutxabank.

The investment gives CVC a 25 percent interest in a company that owns and manages 4,000km of oil pipelines and has storage capacity of more than 8 million cubic metres in Spain. CLH also owns the largest oil pipeline network in the UK.

Ardian, which first purchased a 15 percent stake in CLH in 2011, has its stake in the company reduced to 15 percent through this deal. In 2015, the firm paid €325 million to increase its stake from 15 percent 25 percent.

Ardian has invested nearly €1 billion in Spain since 2010 in companies including CLH and two transportation companies, Autopista Trados 45 and Túnels Barcelona Cadí. Overall, Ardian manages or advises on $60 billion worth of assets in Europe, North America and Asia.

In March, Ardian raised at least $700 million of the $1.5 billion target for its second dedicated infrastructure secondaries fund, ASF VII Infrastructure fund. Limited partners who have committed so far include Université de Montréal, Dow Employees Pension Plan Trust and Canadian insurance firm Industrial Alliance, according to a filing with the UK's Companies House.