Carlyle will form a new Mediterranean-focused oil and gas company led by former BP CEO Tony Hayward after the private equity fund agreed to acquire Energean’s assets in Egypt, Italy and Croatia for up to $945-million, the companies said on Thursday.
But it will seek to grow output by upgrading existing assets and through other acquisitions in the Mediterranean, CIEP co-head Bob Maguire told Reuters. Jefferies analysts estimated the net asset value of the resources that Energean is selling to be $1.28-billion, implying a 26 per cent discount in the deal.
Energean’s board expects to redefine its dividend policy following the completion of the deal, which is expected by year-end.
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