M&AEnergy & RenewablesSIGNED
Carlyle and EBRD Agree to Sell Black Sea Oil & Gas to Mazarine Energy
Acquirer
Mazarine Energy
Target
Black Sea Oil & Gas
Carlyle Group and the European Bank for Reconstruction and Development have agreed to sell Black Sea Oil & Gas, a Romanian offshore gas producer supplying around 10% of the country's gas needs, to Mazarine Energy. The deal marks a sponsor exit from a strategic Eastern European energy asset.
✦ Meridian Analysis
Carlyle Group and the European Bank for Reconstruction and Development have signed an agreement to sell Black Sea Oil & Gas (BSOG) to Mazarine Energy. The transaction transfers the equity held by Carlyle, which founded BSOG in 2015, and the EBRD’s minority stake, acquired in 2017, to Mazarine, a former Carlyle portfolio company with upstream operations in Tunisia, Romania and the Netherlands. The deal is structured as an equity sale that will hand over ownership of the offshore gas producer, which supplies roughly 10 % of Romania’s gas consumption, and it remains subject to regulatory clearance in Romania.
Pending items include the purchase price and any accompanying financing package, which have not been disclosed.
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