Energean sells portfolio in three countries to Carlyle

Greek energy company Energean on Thursday announced an agreement to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners for a price of up to $945 million (880 million euros) and not less than $820 million (€763 million).

The price according to London- and Tel Aviv-listed Energean is more than three times the cost of acquiring the specific assets from Edison, which was $284 million in 2020.

The agreement as indicated creates sufficient cash liquidity for Energean to fully repay the $450 million corporate bond and to facilitate the payment of an extraordinary dividend of up to $200 million to shareholders.

It also allows Energean to focus on its natural gas-based development strategy, marked by the development of the Karish and Karish North fields in Israel as well as the recent entry into the Anchois field in Morocco.