Energean supplied an replace on the proposed sale of its portfolio in Egypt, Italy and Croatia to an entity managed by Carlyle Worldwide Vitality Companions.
As famous within the Firm’s bulletins of 29 August 2024 and 17 March 2025, completion of the Transaction is conditional upon customary regulatory approvals in Italy and Egypt along with antitrust approvals in Italy, Egypt and Widespread Marketplace for Japanese and Southern Africa. The Transaction is topic to such situations being happy by a longstop date of 20 March 2025, or such different date as could also be agreed by Energean and Carlyle.
As of the longstop date, sure regulatory approvals in Italy and Egypt weren’t obtained by Carlyle (or waived), in accordance with the phrases of the binding Sale and Buy Settlement (SPA) signed on 19 June 2024. Moreover, the Firm has not been capable of attain settlement with Carlyle to increase the longstop date past 20 March 2025.
Accordingly, the Firm has at present terminated the SPA and can now not proceed with the Transaction.
“At the moment, we’re asserting the termination of our transaction with Carlyle. This choice was made in the perfect pursuits of all our stakeholders, together with our workers, buyers, host governments, and companions. These teams depend on readability of possession and accountable stewardship to make sure the efficient administration of our very important oil and fuel property, and we stay absolutely dedicated to assembly these expectations,” Mathios Rigas, Chief Government of Energean, commented.
“Whereas I’m disillusioned that Carlyle was unable to acquire the mandatory approvals in Italy and Egypt below the phrases of the SPA, I wish to reaffirm that this end result doesn’t change our strategic course or our dedication to development and shareholder returns. Energean stays a powerful, diversified oil and fuel firm, and we’re excited to proceed constructing on our successes,” Rigas acknowledged.
“Italy, Egypt and Croatia will stay core pillars of our operations, and we stay up for driving additional funding, improvement, and worth creation in all international locations. Our dedication to the Mediterranean and the broader area is unwavering, and we’ll proceed to develop our portfolio, help vitality safety, and ship sustainable development within the years forward,” in line with Rigas.
