Latham & Watkins has advised Carlyle (NASDAQ: CG) on its agreement to acquire a portfolio of gas-weighted exploration and production assets in Italy, Egypt, and Croatia from Energean plc, a London-based company focused on developing resources in the Mediterranean. Equity for the transaction will come from the Carlyle International Energy Partners (CIEP) platform, a private equity fund that invests in energy opportunities in Europe, Africa, Latin America, and Asia. The transaction is subject to customary regulatory approvals.
The transaction will deliver to Carlyle a diversified portfolio of highly strategic gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day and operations across Italy, Egypt, and Croatia, with well-advanced, large-scale developments in markets that are supportive of new gas development. The portfolio includes interests in Cassiopea, Italy’s largest gas field in terms of reserves, and Abu Qir, one of the largest gas producing hubs in Egypt.
Carlyle will leverage its track record and experience in successful carve outs of E&P assets, following previous investments in Neptune Energy, Assala Energy, and SierraCol, to establish a standalone, leading E&P company in the Mediterranean, through organic growth initiatives and M&A.
The Latham team was led by London corporate partner Sam Newhouse, with associates George Venables, Becky Wee, Pierre-Axel Aberg, and Conor Nolan. Advice on finance matter was provided by London counsel Misa Schmiederova, with associates Bryce McCarthy and Danielle Stobie; on tax matters by London partner Karl Mah and counsel James Leslie, with associate Mimi Kyprianou; on tech-related matters by London partner Deborah Kirk and associate Liz Longster; on employment and benefits matters by London partner Sarah Gadd, with associates Charlie Bowden and Joe Goddard; Italian legal matters by Milan partners Cesare Milani and Alessia De Coppi, with associates Edoardo Cassinelli, Lorenzo Cappelli, and Francesa Parisini; and on antitrust matters by Brussels partner Luca Crocco, with associate Daniel Baker.
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