Energean plc is pleased to announce that it has completed its acquisition of Edison Exploration & Production S.p.A. ("Edison E&P") from Edison S.p.A. ("Edison"). 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 today, 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 1 Enterprise value. The acquisition is based on a cash and debt free basis.
Mathios Rigas, CEO of Energean, commented: “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."
Source: Energean
