Genel Energy enters Egypt with a $360m Capricorn acquisition
Egypt · 8 weeks ago
On 2 July 2026 London-listed Genel Energy agreed to acquire Capricorn Energy in an all-cash deal worth $360m, giving it a presence in Egypt and reducing its dependence on Iraqi Kurdistan.
Capricorn shareholders receive $4.74 per share — $3.75 in cash plus a $0.99 special dividend — a 33% premium to the closing price on 10 March, the day before a rival Saudi group disclosed its interest in the company.
On completion the enlarged group is expected to hold pro forma 2P reserves of 117 million barrels of oil equivalent and combined production of about 41,000 barrels per day based on the December 2025 exit rate, split roughly evenly between Kurdistan and Egypt. The deal adds Capricorn's producing Western Desert assets, and is expected to complete during the second half of 2026.
Source: Egypt Oil & Gas and Arab Finance