Energean has terminated a transaction involving the sale of its offshore/onshore E&P interests in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners.
Completion had been conditional on customary regulatory approvals in Italy and Egypt, and antitrust approvals in Italy, Egypt and Common Market for Eastern and Southern Africa.
These conditions were due to be satisfied by a longstop date of March 20, 2025. Yesterday, however, Carlyle had still not obtained certain regulatory approvals in Italy and Egypt.
The two parties have been unable to reach an agreement on extending the long stop date, leading Energean to call off the transaction.
Energean CEO Mathios Rigas said, “This decision was made in the best interests of all our stakeholders, including our employees, investors, host governments, and partners. These groups rely on clarity of ownership and responsible stewardship to ensure the effective management of our vital oil and gas assets…
“Italy, Egypt and Croatia will remain core pillars of our operations, and we look forward to driving further investment, development, and value creation in all countries. Our commitment to the Mediterranean and the wider region is unwavering, and we will continue to expand our portfolio…”
