Energean to offload Egyptian assets: LSE-listed oil and gas company Energean has agreed to sell its assets in Egypt, Italy, and Croatia to the global investment firm Carlyle for up to USD 945 mn, according to a statement (pdf) from Energean. After the sale is finalized by the end of 2024, Carlyle will use the acquisition to form a new Mediterranean-focused oil and gas company that will be chaired by former BP CEO Tony Hayward.

By the numbers: Energean will receive more than three times the USD 284 mn that it paid to buy the assets from Edison in 2020.

The Egyptian assets on the table: Energean’s Egyptian producing assets include a 100% stake in stake in the Abu Qir concession — one of Egypt’s largest, according to a separate statement from Carlyle. The company also has complete ownership of its under-development North East Almreya and North Idku concessions, along with a 50% stake in the exploratory East Biur El Nus concession and 30% share in the exploratory North East Hap’y concession, according to the company’s website, which also appear to be part of the transaction.

Advisors: Rothschild & Co is Energean’s financial advisor and White & Case is acting as its legal counsel.

The story got the attention of the global business press: Reuters | FT | WSJ.

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