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Energeant To Acquire EDF Assets For Up To USD 850 Million

Gasoil News - Published on Mon, 08 Jul 2019

Image Source: DividendMax
Bloomberg reported that Energean Oil & Gas Plc agreed to buy the oil and gas business of Electricite de France SA’s Italian unit for as much as USD 850 million, a deal that will substantially broaden the Greek company’s geographic footprint. Energean will pay USD 750 million upfront for operational assets in Egypt, Italy, Algeria, the North Sea and Croatia. It’s Energean’s first major acquisition since listing in London last year, and will significantly expand its production and revenue streams.

The Greek company is also acquiring assets under development in Egypt, Italy and Norway. It may pay an additional USD 100 million following first gas from the Cassiopea development off Italy.

Bloomberg reported last month that Energean was bidding for the oil and gas business of EDF unit Edison SpA, whose assets had earlier attracted interest from Neptune Energy and Warburg Pincus’s Apex International Energy. EDF was seeking as much as USD 2 billion for the assets, people with knowledge of the matter said in January.

Currently, Energean is focused on fields in Israel and Greece, and the acquisition is a costly move for a company of its size. It plans to finance the transaction by selling USD 265 million of new shares and using a USD 600 million bridge loan.

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Posted By : Sanju Moirangthem on Mon, 08 Jul 2019
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