Walkers (London) acts as BVI counsel on Kerogen’s sale and purchase agreement with Energean
Walkers (London) has acted as British Virgin Islands (BVI) law counsel to Kerogen Investments No. 38 Limited (“Kerogen”), a part of the Kerogen Capital group, in relation to its entry into a sale and purchase agreement with its listed joint venture partner and project operator Energean plc (“Energean”) for the sale of its 30% shareholding in Energean Israel Limited (“EISL”).
The total fixed consideration to be received by Kerogen for the sale will be between USD 380 million and USD 405 million depending on the timing of payment of the deferred consideration, and will include Kerogen retaining some ongoing participation through USD 50 million of convertible loan notes.
The transaction is conditional upon Energean shareholder, regulatory and other customary approvals with completion expected to occur in the first quarter of 2021. Upon completion, Energean will own 100% of EISL’s share capital.
Kerogen Capital is an independent private equity fund manager specialising in the international oil and gas sector, that manages over USD2 billion across multiple funds. Energean, a FTSE 250 company, is a London-based independent E&P company focused on developing resources in the Mediterranean.
Partner, Neil McDonald, led the Walkers London team which acted as BVI law counsel to Kerogen, and was assisted by associates, Thomas Mawson and Tom Esler.
