United Energy Group (UEG) has fully acquired Kuwait Energy PLC for more than $650 million, Egypt Oil & Gas reports.
The deal was signed on September 23, 2018, and was wrapped up in late March 2019, according to Shalakany Law Firm, the Egyptian legal counsel for UEG in the transaction.
“We are very pleased to have assisted UEG with this exciting transaction, which marks UEG’s first investment in Egypt,” said Aly El Shalakany, the transaction’s Lead Partner.
The law firm used its “significant cross-border Oil & Gas M&A experience and expertise to assist UEG with all the Egyptian legal aspects of this complex transaction, which was key to achieving the successful signing and financial close of this deal,” according to Mostafa El Zeky, Lead Senior Lawyer from Shalakany.
Kuwait Energy holds a working interest of four licenses in Egypt, one of which is governed by a service contract and the other three are governed by production-sharing contracts (PSCs), in East Ras Qattara, Abu Sennan, Burg El Arab, and the Eastern Desert.