- Energean sells 40 per cent of its production
- Private equity giant building a new oil and gas business chaired by ex-BP boss Tony Hayward
Mediterranean oil and gas producer Energean (ENOG) has agreed to sell its assets in Egypt, Italy and Croatia for up to $945mn (£744mn) to private equity giant Carlyle Group, as part of its strategy to focus on development.
While the exact numbers are yet to be finalised as the completion date is set for 24 January, Carlyle will initially pay around $500mn in cash while the total deal value will be enough to cover the repayment of a $450mn bond and a $200mn special dividend. The shares were up 4 per cent on the deal announcement.