Repsol (REPYY) is considering a reverse merger of its upstream unit with potential partners, including APA Corp. (APA), people with knowledge of the matter told Bloomberg’s Dinesh Nair and Rodrigo Orihuela. As the Spanish oil and gas company seeks ways to list the business in New York it has held exploratory discussions with APA, formerly known as Apache, about the possibility of a deal and has also held initial talks with other potential merger partners for the business, which previously was valued at $19B including debt when the company agreed in 2022 to sell a 25% stake to a private equity firm, the report noted.
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