Energean, a prominent oil and gas producer, has revealed the sale of its assets in Egypt, Italy, and Croatia to the investment fund Carlyle for a sum potentially reaching $945 million, with a guaranteed $820 million. This strategic maneuver will enable Energean to focus its resources on its core operations in Morocco and Israel.
The deal includes an initial payment of $504 million, allowing Energean to distribute a special dividend of $200 million to its shareholders and to repay a $450 million bond.
Carlyle International Energy Partners, the energy-focused division of Carlyle, plans to establish a new company to manage these assets and further develop its presence in the Mediterranean region. This new entity will be led by Tony Hayward, the former CEO of BP, who brings extensive experience in the oil and gas industry.
The transaction is subject to standard regulatory approvals. Once completed, it will provide Carlyle with a diversified portfolio of highly strategic gas assets, with expected production equivalent to 47,000 barrels of oil per day, located across Italy, Egypt, and Croatia.
