Energean’s Acquisition of 30 Percent of Energean Israel

White & Case LLP has advised Energean on the deal, while Kerogen Investments No. 38 Limited was represented by Walkers.

Energean plc (Energean) signed its conditional Sale and Purchase Agreement with Kerogen Investments No.38 Limited (Kerogen), an affiliate of Kerogen Capital, for the proposed acquisition of Kerogen’s 30 percent shareholding in Energean Israel Limited (EISL), which would result in Energean owning 100 percent of EISL’s share capital.

The purchase price is between US$380 million and US$405 million, comprising an up-front payment of US$175 million, deferred cash consideration amounts totaling between US$155 million and US$180 million, and US$50 million of convertible loan notes issued by Energean.

The transaction is subject to shareholder, regulatory and other customary approvals and is expected to close in the first quarter of 2021.

Energean plc is an international exploration and production company, with focus on gas. It is listed on the London Stock Exchange as well as the Tel Aviv Stock Exchange.

The White & Case team in London which advised Energean was led by partners Allan Taylor (Picture) and Richard Jones, with support from partner Peita Menon, counsel Paul Harrington and associates Richard Wilson and Anil Tanyildiz.

Partner, Neil McDonald, led the Walkers London team which acted as BVI law counsel to Kerogen, and was assisted by associates, Thomas Mawson and Tom Esler.

Involved fees earner: Thomas Mawson – Walkers Global; Neil McDonald – Walkers Global; Paul Harrington – White & Case; Richard Jones – White & Case; Peita Menon – White & Case; An?l Tany?ld?z – White & Case; Allan Taylor – White & Case; Richard Wilson – White & Case;

Law Firms: Walkers Global; White & Case;

Clients: Energean Oil & Gas; Kerogen Capital;