UK’s Energean terminates Carlyle deal

UK-based gas producer Energean said on Friday it was terminating its deal with private equity fund Carlyle for some of the gas producer’s assets due to pending regulatory approvals in Italy and Egypt, News. Az reports citing Investing.

In June 2024, the two companies struck a $945 million deal that would allow Carlyle to establish a new Mediterranean-focused oil and gas company, led by former BP (NYSE: BP) CEO Tony Hayward, by utilizing Energean’s assets in Egypt, Italy, and Croatia.

"While I am disappointed that Carlyle was unable to obtain the necessary approvals in Italy and Egypt, I want to reaffirm that this outcome does not change our strategic direction or our commitment to growth and shareholder returns," CEO Mathios Rigas said in a statement.

The company said that the two parties were unable to agree on an extension of the longstop date beyond March 20.