Business
Termination of Strategic Sale
Termination of Strategic Sale.
About this update from Energean Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN\nOR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE\nRELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFor immediate release\n \n Energean plc\n(\"Energean\" or the \"Company\")\n \nTermination of strategic sale of Egypt, Italy and Croatia portfolio\nLondon, 21 March 2025 - Energean plc (LSE: ENOG, TASE: אנאג) today provides an update on the proposed sale of its portfolio in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners (\"Carlyle\") (the \"Transaction\").\nAs noted in the Company's announcements of 29 August 2024 and 17 March 2025, completion of the Transaction is conditional upon customary regulatory approvals in Italy and Egypt together with antitrust approvals in Italy, Egypt and Common Market for Eastern and Southern Africa. The Transaction is subject to such conditions being satisfied by a longstop date of 20 March 2025 (or such other date as may be agreed by Energean and Carlyle). \nAs of the longstop date, certain regulatory approvals in Italy and Egypt were not obtained by Carlyle (or waived), in accordance with the terms of the binding Sale and Purchase Agreement (\"SPA\") signed on 19 June 2024. Additionally, the Company has not been able to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025.\nAccordingly, the Company has today terminated the SPA and will no longer proceed with the Transaction.\nEnergean will provide an update to the market in its May Trading Statement & Operational Update which will contain:\n· Updated 2025 production and financial guidance for the Group perimeter (including Egypt, Italy and Croatia).\n· A strategy update on the forward-plan opportunities for the Egypt, Italy and Croatia assets.\n· The Group's new dividend policy (as previous envisaged to be announced upon Transaction closing or termination).\nMathios Rigas, Chief Executive of Energean, commented:\n\"Today, we are announcing the termination of our transaction with Carlyle. This decision was made in the best interests of all our stakeholders, including our employees, inves...