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Sunday, 31 May 2020

Energean to acquire Edison’s Egypt assets in coming months

M&A WATCH- Energean to acquire Edison’s Egypt assets in coming months: Greece’s Energean hopes to acquire Edison’s oil and gas portfolio in the coming months, saying delays in closing the transaction are just the result of “routine procedures” and disruption caused by the covid-19 pandemic, according to Youm7. Energean earlier this month asked Edison to revalue its assets — including those in Egypt, which make up 24% of its portfolio — in light of the covid-19 pandemic and the decline in global oil prices before moving ahead with the acquisition. The acquisition was initially slated to be completed by the end of 2019.

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