White & Case Advises Energean Oil & Gas on Acquisition of Edison E&P for US$750 Million

Global law firm White & Case LLP has advised Energean Oil & Gas plc on its acquisition of Edison Exploration & Production S.p.A. (Edison E&P) for US$750 million, with additional contingent consideration of US$100 million payable following first gas from the Cassiopea development (expected 2022), offshore Italy.

"We have advised long standing client Energean on an important acquisition that will create one of the largest independent E&P companies on the London and Tel Aviv Stock Exchanges," said White & Case partner Allan Taylor, who co-led the Firm's deal team. "The transaction follows our role advising Energean on its London Stock Exchange IPO listing last year and, prior to that, the project financing of its flagship Karish and Tanin offshore gas fields development."

The funding of the initial consideration came through US$265 million equity placing and US$600 million committed bridge loan facility.

The acquisition will lead to the combined production of more than 140 kboe/d in 2021, when the Karish and Tanin development project comes onstream, with a trajectory to approximately 200 kboe/d once the Energean Power FPSO reaches full capacity.

The White & Case team which advised on the transaction was led by partners Allan Taylor and Tom Bartlett (both London), with support from partner Mukund Dhar (London), local partners Alessandro Seganfreddo (Milan) and Said Hanafi and Ziad Gadalla (both Cairo) and associates Sarah Shennib, Chantelle Forster, Akito Watkin, Claudius Furtwaengler, Kelly Trueman and Radhika Wason (all London), Silvia Totti (Milan), Mahmoud Ezz and Tarek Kfoury (both Cairo) and lawyer Nicole Paccara (Milan).

Press contact
For more information please speak to your local media contact.