Energean to sell Egypt, Italy, Croatia portfolio for up to $945m

(Sharecast News) - Energean said it had signed a deal to sell its portfolio in Egypt, Italy and Croatia to Carlyle International Energy Partners for an enterprise value of up to $945m. The gas explorer and producer said it planned to use the cash to repay a $450m corporate bond and pay out a $200m special dividend.

"This sale enables Energean to rationalise the portfolio and focus on its gas-weighted, gas-development strategy, underpinned by the Karish Field in Israel and recent farm-in to the Anchois field in Morocco," the company said on Thursday.

Reporting by Frank Prenesti for Sharecast.com