{"id":662774,"date":"2025-03-23T00:00:00","date_gmt":"2025-03-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/energean-terminates-usd-945-mn-sale-of-mediterranean-assets-to-carlyle\/"},"modified":"2025-03-23T00:00:00","modified_gmt":"2025-03-23T00:00:00","slug":"energean-terminates-usd-945-mn-sale-of-mediterranean-assets-to-carlyle","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/23\/energean-terminates-usd-945-mn-sale-of-mediterranean-assets-to-carlyle\/","title":{"rendered":"Energean terminates USD 945 mn sale of Mediterranean assets to Carlyle"},"content":{"rendered":"

Energean w<\/strong>ill be keeping hold of its Egyptian assets \u2014 for now at least <\/strong>\u2014 after the LSE-listed oil and gas company decided to cancel its sale and purchase agreement with global investment firm Carlyle for its assets in Egypt, Italy, and Croatia, according to a statement (pdf)<\/a> from Energean. The USD 945 mn sale would\u2019ve seen Carlyle use the acquisition to form a new Mediterranean-focused oil and gas company chaired by former BP CEO Tony Hayward.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The decision came after Carlyle missed a 20 March deadline to secure the necessary <\/strong>approvals<\/strong>, which the statement lists as the customary regulatory approvals from Egypt and Italy, in addition to antitrust approvals from the countries and the Common Market for Eastern and Southern Africa \u2014 more commonly known as Comesa. The two companies were not able to agree to extending the deadline.<\/p>\n

Energean <\/strong>said<\/a><\/strong>last week<\/a><\/strong> that the agreement could be terminated. <\/strong>At the time, Energean\u2019s CEO Mathios Rigas stressed that if the transaction was canceled, the company would \u201cassess all strategic options, focusing, as always, on the best interests of our shareholders keeping in mind the need for diversification, scale, dividend accretion and growth.\u201d<\/p>\n

The sale would\u2019ve seen Energean receive more than three times the USD 284 mn that it <\/strong>paid to buy the assets<\/strong><\/a><\/strong>from Edison<\/a><\/strong> in 2020. <\/strong>Energean\u2019s Egyptian-producing assets include a 100% stake in the Abu Qir concession \u2014 one of Egypt\u2019s largest. 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\u2019y concession, according to the company\u2019s <\/a>website<\/a>.<\/p>\n

\u201cItaly, Egypt, and Croatia will remain core pillars of our operations<\/strong>, and we look forward to driving further investment, development, and value creation in all countries,\u201d said Rigas. The head of the company added that \u201cour commitment to the Mediterranean and the wider region is unwavering, and we will continue to expand our portfolio, support energy security, and deliver sustainable growth in the years ahead.\u201d<\/p>\n

Energean will let us all know the new plan for the collection of assets shortly<\/strong>, when it gives a strategy update in its May Trading Statement and Operational Update, the company said.<\/p>\n

Market reax: <\/strong>Energean shares rose 3.68% on Friday following the news to close at GBP 8.73.<\/p>\n

The international press also picked up the story: <\/strong>Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The decision came after Carlyle missed a 20 March deadline to get the necessary approvals<\/p>\n","protected":false},"author":1,"featured_media":662775,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-662774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"0bb4d005-b19b-4cd2-98b5-aedd4e74ad77","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/1761.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Energean 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ahead of the sale\u2019s 20 March deadline","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1402.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624051,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/23\/carlyle-to-launch-mediterranean-energy-company-with-usd-945-mn-acquisition-of-energeans-egyptian-croatian-and-italian-assets\/","url_meta":{"origin":662774,"position":1},"title":"Carlyle to launch Mediterranean energy company with USD 945 mn acquisition of Energean\u2019s Egyptian, Croatian, and Italian assets","author":"enterpriseam admin","date":"23 June 2024","format":false,"excerpt":"Energean will sell the assets for more than three what it paid for them in 2020","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1337.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":662472,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/17\/outstanding-regulatory-approvals-threaten-egyptian-asset-sale\/","url_meta":{"origin":662774,"position":2},"title":"Outstanding regulatory approvals threaten Egyptian asset sale","author":"enterpriseam admin","date":"17 March 2025","format":false,"excerpt":"Good afternoon, friends. We\u2019re gearing up for brisker weather, but the newsroom is showing no sign of cooling down, with reports of asset sales (or lack thereof), dwindling teen interest in education, and Trump\u2019s plan to discuss an end to the war in Ukraine with Putin tomorrow.THE BIG STORY TODAY-\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1337.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596727,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/greeces-energean-to-acquire-edisons-oil-and-gas-portfolio-for-usd-750-mn\/","url_meta":{"origin":662774,"position":3},"title":"Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"M&A WATCH- Greece\u2019s Energean to acquire Edison\u2019s oil and gas portfolio for USD 750 mn: Greek energy company Energean Oil & Gas is due to buy the oil and gas portfolio of Italy\u2019s Edison, which includes substantial assets in Egypt, the company announced in a statement (pdf). Energean will pay\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/1686.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573003,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/16\/carlyle-cairn-backed-consortium-dragon-oil-in-the-running-to-acquire-shell-egypt-onshore-assets\/","url_meta":{"origin":662774,"position":4},"title":"Carlyle, Cairn-backed consortium, Dragon Oil in the running to acquire Shell Egypt onshore assets","author":"enterpriseam admin","date":"16 July 2020","format":false,"excerpt":"M&A WATCH- Private equity firm Carlyle Group and a consortium backed by Cairn Energy are in the running to acquire Shell\u2019s onshore assets in Egypt, Reuters reports, citing two sources with knowledge of the matter. Previous reports had indicated that Cairn Energy was part of a consortium that initially included\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572576,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/30\/energean-is-buying-less-of-edisons-oil-and-gas-assets-but-egypt-is-still-part-of-the-transaction\/","url_meta":{"origin":662774,"position":5},"title":"Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction","author":"enterpriseam admin","date":"30 June 2020","format":false,"excerpt":"M&A WATCH- Energean is buying less of Edison\u2019s oil and gas assets, but Egypt is still part of the transaction: Edison has agreed to cut the price at which it sell its oil and gas portfolio to Energean by more than 60% to USD 284 mn after its assets in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/662774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=662774"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/662774\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/662761"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/662775"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=662774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=662774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=662774"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=662774"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=662774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}