Energean’s USD 945 mn asset sale to Carlyle is at risk of being scrapped: LSE-listed oil and gas company Energean’s USD 945 mn agreement to offload assets in Egypt and other countries to global investment firm Carlyle is at risk of falling through as some regulatory approvals remain outstanding just days before the sale’s 20 March deadline, according to a statement (pdf). With no agreement reached to extend the longstop date stipulated in the sale and purchase agreement, Energean indicated that the agreement could be terminated.

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REMEMBER- Energean inked an agreement with Carlyle in June to sell its assets in Egypt, Italy, and Croatia for up to USD 945 mn, expecting the sale to go through by the end of 2024. The acquisition would allow Carlyle to form a new Mediterranean-focused oil and gas company chaired by former BP CEO Tony Hayward.

Loose ends to be tied: Carlyle has yet to secure regulatory approvals in Italy and Egypt, as well as antitrust approvals in the two countries and the Common Market for Eastern and Southern Africa.

Energean is not throwing in the towel just yet: Despite the hurdles, Energean remains “committed to closing the transaction,” said CEO Mathios Rigas. The company will explore alternative strategic options for its assets should the transaction get scrapped.

Market reax: Energean shares fell 7.97% yesterday to close at GBP 8.66.

The news got ink in the foreign press: Reuters.

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