Carlyle Group LP bought 37% stake in integrated oil and gas firm Compañía Española de Petróleos SAU or Cepsa, from Abu Dhabi's sovereign wealth fund Mubadala Investment Co.
Mubadala will retain a 63% majority stake in the business.
As part of the transaction, announced April 8, Mubadala can appoint five members to the board, including its chairman, and Carlyle can appoint three members.
Carlyle and Mubadala named Philippe Boisseau as CEO to succeed Pedro Miro, who will be retiring.
Cepsa is Europe's largest privately owned integrated energy company.