06:02 AM EDT, 06/20/2024 (MT Newswires) -- The Carlyle Group ( CG ) said Thursday it has agreed to acquire the Italy, Egypt and Croatia gas-weighted exploration and production assets of Energean.

In a separate statement, Energean valued the sale at a minimum of $820 million and up to $945 million.

The transaction is expected to close by the end of 2024, subject to customary regulatory approvals. Carlyle said the acquisition of the eastern Mediterranean gas interests will be funded by its International Energy Partners private equity fund, which invests in energy projects in Europe, Africa, Latin America and Asia.

The acquisition will add gas-weighted assets with expected production equivalent to 47,000 barrels of oil per day. The acquisition includes stakes in Cassiopea, Italy's largest gas field in terms of reserves, and Abu Qir, among Egypt's largest gas production hubs.

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