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Abu Dhabi's International Petroleum Investment Co. agreed Tuesday to invest €3.3 billion ($4.4 billion) to become a 47% shareholder in the oil refiner known as Cepsa by buying the stakes of two Spanish shareholders.

Banco Santander SA agreed to sell its 32.5% stake in Compania Espanola de Petróleos SA to the state-owned investor for €33 per Cepsa share, or €2.9 billion in total. International Petroleum will also buy utility Union Fenosa SA's 5% stake at the same price, for a total of €441.5 million. The price is around the middle of the range the Spanish bank indicated when it disclosed talks about the stake sale in February.

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