8 July 2019
- Umberto Penco Salvi, Charles Adams, David Lewis, Carlo Galli, Simonetta Candela, Cristiana Visco, Suyin Tan, Andrea Sgrilli
- London, Milan
Clifford Chance advises Edison on the sale of the Exploration and Production division (E&P) to Energean Oil & Gas
International law firm 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 (Corporate, Milan) 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).