White & Case advises Energean on sale of Egypt, Italy and Croatia portfolio to Carlyle for up to US$945 million

Press Release
2 min read

Global law firm White & Case LLP has advised Energean plc, a FTSE 250 premium-listed energy company, on its strategic divestment of its Egypt, Italy and Croatia exploration and production assets to an entity controlled by Carlyle International Energy Partners (Carlyle) for an enterprise value of up to US$945 million.

The sale enables Energean to rationalise its portfolio and focus on its gas-weighted development strategy in Israel and Morocco. It will also free up capacity and capital to invest in new projects across EMEA, and accelerate Energean's decarbonisation efforts whereby post-close its scope 1 and 2 emissions intensity will reduce by around 40 percent to approximately 5 kgCO2e/boe. This is in addition to the company's focus on creating a Carbon Storage Hub in Greece and the wider Mediterranean region via its EnEarth subsidiary.

The sale of the assets is conditional on customary regulatory approvals in Egypt and Italy together with antitrust approvals in Egypt, Italy and the Common Market for Eastern and Southern Africa. The transaction also constitutes a Class 1 transaction for Energean under the UK Listing Rules which would currently require shareholder approval for closing, but the FCA is proposing to revise these rules early in the second half of 2024 which will remove such requirement.

White & Case has previously advised Energean on:

  • its initial US$695 million initial public offering on the London Stock Exchange in 2018;
  • its US$284 million acquisition of Edison E&P in 2020, including the Egyptian, Italian and Croatian assets to be sold to Carlyle; and
  • its US$2.5 billion high yield bond offering in 2021 to finance the development of its core Israeli offshore gas fields.

The White & Case team which advised on the transaction was led by partner Allan Taylor (London), with support from association partner Ziad Gadalla (Cairo), partners Alessandro Seganfreddo (Milan), Lauren Winter, James Greene, Jessica Kemp, Nicholas Greenacre and Helen Joseph (all London) and associates Michael Fitzpatrick, Nick Falconer, Conor Magee, Nicolle Odutoye, Jacob Heath, Alec Buchanan, Shehnai Arora, Kate Kelliher, Joao Lacerda (all London) and Nicolo Antonio Miglio (Milan).

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