Energean Acquires Edison E&P Assets in Several Countries from EDF

Updated 8 months 4 weeks ago

Energean entered into a conditional sale and purchase agreement in July 2019 to acquire Edison E&P from EDF's Italian subsidiary, Edison. Algerian authorities approached Edison in December to discuss the deal with Sonatrach which caused Energean and Edison to discuss a settlement which excludes the Algerian assets. At that point, the U.K., Norway, France, and Greece had approved the transaction while approvals from Italy and Egypt were expected soon. The transaction is expected to close in 2020, and the sale of Edison's U.K. and Norwegian subsidiaries will be completed as soon as possible following the close.

Edison's Algerian assets were excluded from the acquisition in April 2020 after failing to receive consent from Algerian authorities. The deal was reduced by approximately $150 million to reflect this change. After Neptune Energy terminated an agreement to acquire Edison's UK and Norway operations in May 2020, Energean planned to amend the agreement to include the UK subsidiaries in the deal. The deal was revised again in June 2020 to exclude Edison's Norwegian operations, reducing the enterprise value of the transaction to $284 million. The deal closed in December 2020.