Energean completes acquisition of Edison E&P

LONDON - Energean has completed its acquisition of Edison Exploration & Production S.p.A. from Edison S.p.A. The gross consideration for the transaction, as at the locked box date of 1 January 2019, is $284 million and the final net consideration (net of cash acquired), as of 17 December 2020, is $203 million.

In connection with the completion of the acquisition of Edison E&P, an application has been made to the Financial Conduct Authority and to the London Stock Exchange for 177,089,406 ordinary shares of 1 pence each in the Company to be re-admitted to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange. Re-admission is expected to occur on 18 December 2020.

Mathios Rigas, CEO of Energean, said “Completion of our acquisition of Edison E&P marks a key milestone along our path to becoming the leading independent, gas-producer in the Mediterranean and significantly advances us towards our goal of delivering material free cash flows and shareholder returns in a sustainable way”