Energean Israeli in Trouble… Egyptian Approval Pending, Deal at Risk
Israeli media reported a setback in the sale of assets by “Energean” Energy, one of the largest Israeli companies operating in Egypt, Italy, and Croatia, due to the delay in receiving the required Egyptian approvals.
Multi-Million Deal Dependent on Cairo’s Approval
The deal, which was announced by “Energean” last June with the Carlyle Investment Fund, valued at up to $945 million, was contingent on receiving regulatory approvals from Egypt, Italy, and the Common Market for Eastern and Southern Africa by March 20, 2025. However, these approvals have not yet been issued.
Company: No Guarantee of Completion
“Energean” confirmed in a statement published today that the deal is still pending, with no guarantee of its completion on time. CEO Matherios Rigas expressed his commitment to completing the deal, noting that the targeted assets have high quality and growth potential. He explained that the company would consider alternative strategic options to protect shareholder interests in case the deal cannot be completed.
Debts, Profits, and Investments Pending
“Energean” acquired these assets in 2020 by purchasing “Addicon” and succeeded in significantly increasing their value. If the deal is completed, the proceeds will be used to pay off debts and distribute special dividends, with a focus on developing gas projects in Israel and Morocco, and exploring new investment opportunities in Europe and the region.
