Edison’s Sale Of The Exploration And Production Division To Energean Oil & Gas

Clifford Chance has advised Edison on the signing of the agreement with Energean Oil & Gas to sell the 100% of Edison Exploration and Production (E&P) and its subsidiaries in the hydrocarbons exploration and production business.

The signing follows the approval of the transaction by the Edison Board of Directors on July 3, 2019. The price of the transaction is based on an enterprise value of USD 750 million, with an additional consideration of USD 100 million contingent on the commissioning of Cassiopea development gas project in Italy. Additionally, Edison will be entitled to royalties associated with further potential developments in Egypt that would bring the aggregate value close to USD 1 billion. The transaction includes also the transferring to the buyer of all Edison future decommissioning obligations.

Edison Exploration and Production manages all of Edison’s activities, mining titles and corporate shareholdings in the hydrocarbons business in Italy and abroad. In particular, Edison E&P owns a portfolio of approximately 90 licences in 9 countries in the Mediterranean and Northern Europe, corresponding to approximately 49,000 barrels per day of net entitlement production as December 31, 2018.

Clifford Chance has assisted Edison with a multidisciplinary team led by partner Umberto Penco Salvi (Picture) and comprising partners Charles Adams (Banking & Finance, Milan) and David Lewis (Corporate, London), senior associate Cristiana Visco (Corporate, Milan), associate Suyin Tan (Corporate, London), and trainees Giulia Ricci and Michele Bernardi (both Corporate, Milan). The team also comprised partner Carlo Galli with senior associate Andrea Sgrilli (both Tax, Milan) and partners Aristide Police (Public Law, Rome) and Simonetta Candela (Labour, Milan).

Legance and White & Case advised the buyer on Energean Oil & Gas on legal metters. The White & Case team which advised on the transaction was led by partners Allan Taylor and Tom Bartlett (both London), with support from partner Mukund Dhar (London), local partners Alessandro Seganfreddo (Milan) and Said Hanafi and Ziad Gadalla (both Cairo) and associates Sarah Shennib, Chantelle Forster, Akito Watkin, Claudius Furtwaengler, Kelly Trueman and Radhika Wason (all London), Silvia Totti (Milan), Mahmoud Ezz and Tarek Kfoury (both Cairo) and lawyer Nicole Paccara (Milan).

Involved fees earner: Charles Adams – Clifford Chance; Simonetta Candela – Clifford Chance; Carlo Galli – Clifford Chance; David Lewis – Clifford Chance; Umberto Penco Salvi – Clifford Chance; Aristide Police – Clifford Chance; Andrea Sgrilli – Clifford Chance; Suyin Tan – Clifford Chance; Cristiana Visco – Clifford Chance; Tom Bartlett – White & Case; Mukund Dhar – White & Case; Mahmoud Ezz – White & Case; Chantelle Forster – White & Case; Claudius Furtwängler – White & Case; Ziad Gadalla – White & Case; Said Hanafi – White & Case; Tarek Kfoury – White & Case; Nicole Paccara – White & Case; Alessandro Seganfreddo – White & Case; Sarah Shennib – White & Case; Allan Taylor – White & Case; Silvia Totti – White & Case; Kelly Trueman – White & Case; Radhika Wason – White & Case; Akito Watkin – White & Case;

Law Firms: Clifford Chance; White & Case;

Clients: Edison; Energean Oil & Gas;