White & Case Advises Energean on Acquisition of 30 Percent of Energean Israel
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Global law firm White & Case LLP has advised Energean plc (Energean) on its conditional Sale and Purchase Agreement with Kerogen Investments No.38 Limited (Kerogen), an affiliate of Kerogen Capital, for the proposed acquisition of Kerogen’s 30 percent shareholding in Energean Israel Limited (EISL), which would result in Energean owning 100 percent of EISL’s share capital.
“This is the second important acquisition that we have advised long standing client Energean on in 2020, which combined will create one of the largest independent E&P companies on the London and Tel Aviv Stock Exchanges," said White & Case partner Allan Taylor, who co-led the Firm's deal teams on both transactions. "Having advised on the original Kerogen investment in EISL four years ago, our role on this latest transaction means we have advised Energean on the entire life-cycle of the investment."
The purchase price is between US$380 million and US$405 million, comprising an up-front payment of US$175 million, deferred cash consideration amounts totaling between US$155 million and US$180 million, and US$50 million of convertible loan notes issued by Energean.
The transaction is subject to shareholder, regulatory and other customary approvals and is expected to close in the first quarter of 2021.
White & Case LLP has also advised Energean on its acquisition of Edison Exploration & Production S.p.A., which was originally announced in July 2019 and completed on 17 December 2020.
The White & Case team in London which advised on the transaction was led by partners Allan Taylor and Richard Jones, with support from partner Peita Menon, counsel Paul Harrington and associates Richard Wilson and Anıl Tanyıldız.
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