UK-based gas producer Energean announced on March 21, 2025, the termination of its $945 million deal with private equity fund Carlyle for the sale of some of its assets. The termination was attributed to pending regulatory approvals in Italy and Egypt not being obtained or waived, as stipulated in the Sale and Purchase Agreement (SPA) signed on June 19, 2024.
The original deal aimed to allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP CEO Tony Hayward, by utilizing Energean's assets in Egypt, Italy, and Croatia. This strategic initiative would have expanded Carlyle's energy portfolio.
The failure to secure necessary regulatory clearances within the agreed timeframe led to the cancellation of the transaction. This outcome represents a missed acquisition opportunity for Carlyle and highlights the complexities and potential hurdles in large-scale cross-border deals involving multiple regulatory jurisdictions.
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