SeenewsSeenews
Search
Seenews
AlertsSeenewsSeenews
Searchclose
TOPICS
arrow
COUNTRIES
arrow
INDUSTRY
arrow
Economy
arrow
Browse Economy
Mix and match your focus countries with our advanced search
Investments
arrow
Browse Investments
Mix and match your focus countries with our advanced search
Latest in Investments
Deals
arrow
Browse Deals
Mix and match your focus countries with our advanced search
Tech
arrow
Browse Tech
Mix and match your focus countries with our advanced search
Green
arrow
Browse Green
Mix and match your focus countries with our advanced search
0/5
You have 5 free articles left this month
You have 0/5 free articles
Sign up to get 5 more free articles this month
SIGN UP
arrow
LOGIN
arrow

Energean sells Egypt, Italy, Croatia portfolio to Carlyle

Jun 20, 2024, 4:53:37 PMArticle by Annie Tsoneva
share
June 20 (SeeNews) - UK-based natural gas-focused energy company Energean said on Thursday it has entered into a binding agreement for the sale of its portfolio in Egypt, Italy and Croatia to an entity controlled by global investment company Carlyle International Energy Partners for an enterprise value of up to $945 million (881 million euro), of which $820 million is firm.

Energean sells Egypt, Italy, Croatia portfolio to Carlyle
Source: Energean

"Completion is expected by year-end 2024, subject to customary regulatory and antitrust approvals," Energean said in a press release.

This enterprise value is representing more than a three times return since the portfolio was acquired for $284 million in 2020, it added.

"This transaction will deliver to Carlyle a diversified portfolio of highly strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day and operations across Italy, Egypt, and Croatia, with well-advanced, large-scale developments in markets that are supportive of new gas development," Carlyle said in a separate press release on Thursday.

This sale enables Energean to rationalise the portfolio and focus on its gas-weighted, gas development strategy, underpinned by the Karish Field in Israel and recent farm-in to the Anchois field in Morocco, Energean said.

($ = 0.933 euro)

Your complete guide to the emerging economies of Southeast Europe. From latest news to bespoke research – the big picture at the tip of your fingers.