U.S.-based venture capital firm The Carlyle Group has proposed a takeover offer to acquire a 30 percent stake in Spanish oil and gas company Compañía Española de Petróleos, S.A.U. (Cepsa).

Carlyle Group, which is ahead of other contenders, offered up to 3 billion euros ($3.4 billion) for a stake in Cepsa, part of CEPSA Holding, unit of Mubadala Investment Co.

Carlyle, which in 2018 booked about $702.8 million in revenue, said that the deal will be closed within weeks.

The takeover bid also included Luxembourgish investment firm CVC Capital Partners, Apollo and Macquarie, which is owned by Abu Dhabi wealth fund Mubadala Investment Co.