# Energean Plc updates on sale of its Egypt, Italy and Croatia portfolio

- Link: https://www.directorstalkinterviews.com/energean-plc-updates-on-sale-of-its-egypt-italy-and-croatia-portfolio/4121188648
- Published: 2025-03-17T07:45:43+00:00
- Author: Amilia Stone

**Energean plc** (LON:ENOG, TASE: אנאג) has provided an update on the proposed sale
of its portfolio in Egypt, Italy and Croatia to an entity controlled by Carlyle 
International Energy Partners.

As noted in the Company’s announcement of 29 August 2024, 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). 

As of the date of this announcement, certain regulatory approvals in Italy and Egypt
have not yet been obtained by Carlyle (or waived) and the Company has no assurance
that such conditions will be satisfied on or before 20 March 2025 in accordance 
with the terms of the binding Sale and Purchase Agreement signed on 19 June 2024.
Additionally, as of the date of this announcement, the Company has not been able
to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025.
Accordingly, there is a significant risk that the outstanding conditions precedent
will not be satisfied (or waived) by the relevant long stop date and that, therefore,(
absent an extension being agreed) the Transaction may be terminated in accordance
with the provisions of the SPA.   

Energean remains committed to closing the Transaction under the terms of the SPA
and to maximising return for shareholders including via its ongoing dividend programme–
with or without the disposal. Energean continues to focus on achieving its key business
drivers: paying a reliable dividend, deleveraging, growth and our commitment to 
Net Zero. 

A further announcement will be issued in due course as required.

> **Mathios Rigas, Chief Executive of Energean, commented:**
> _“Although the necessary regulatory approvals have not yet been obtained by Carlyle,_
> _we remain committed to closing the Transaction. These are high-quality, diversified
> assets with significant growth potential and, if the Transaction does not close,
> we will assess all strategic options, focussing, as always, on the best interests
> of our shareholders keeping in mind the need for diversification, scale, dividend
> accretion and growth.” _

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