Oil and gas company Energean has completed its acquisition of Edison Exploration & Production S.p.A. from Edison, according to a press release issued by Energean.

“The gross consideration1 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 today, is $203 million,” the statement reported.

Commenting on the acquisition, 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.”

According to the statement, 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.
Energean entered into a conditional SPA in July 2019 to acquire Edison E&P. The acquisition deal was originally valued at $750 million initial consideration and $100 million contingent consideration.

It is worth mentioning that Egypt Oil & Gas will conduct a live interview with Mr. Mathios Rigas on Wednesday, December 23, you can register to attend through this link: https://zoom.us/webinar/register/WN_BjD8XwaAQe6ZKb2ex_9-7g