Exclusive - Italy's Edison launches spin-off of oil & gas unit: sources - REUTERS

APRIL 4, 2018 / 3:17 PM
Clara Denina, Ron Bousso

LONDON (Reuters) - Italian energy group Edison (EDNn.MI), part of French utility EDF (EDF.PA), is preparing the sale of its oil and gas unit, the latest power producer to abandon fossil fuels to focus on its retail business, four industry sources said.

Edison has selected investment banks Rothschild (ROTH.PA) and Perella Weinberg to organise an auction for the exploration and production division, which could be valued at $2 billion (1.43 billion pounds) to $3 billion, one of the sources said.

The company has been looking to increase the size of its domestic electricity and gas retail business, betting on the market opening up to more competition, with retail energy customers increasingly able to chose their supplier.

Edison and EDF declined to comment. Rothschild declined to comment. Perella Weinberg did not respond to a request for comment.

Shalakany advises Engie on E&P asset sale in Egypt - ENTERPRISE / SHALAKANY LAW

Monday, 15 May 2017

M&A Watch- Shalakany Law announced it assisted Engie as the sole sell side legal advisor in the transaction to sell its Egyptian E&P assets to Neptune Oil & Gas. Private equity-backed Neptune had agreed to acquire a majority stake in Engie’s E&P assets globally for USD 3.9 bn on Thursday, Reuters reported, with the expectation that the deal, which includes assets in Egypt, Algeria, Germany, and the North Sea will close in 1Q2018.

Aly El Shalakany, the lead partner from Shalakany acting on the transaction, said: “We are very pleased to have successfully assisted Engie, a long standing client of the firm, with this strategic disposal, which marks a key step in its shift away from oil and gas to more regulated businesses in the power sector.”