Transaction Summary
United Energy (MENA) Limited, a subsidiary of United Energy Group Limited (UEG), a Hong Kong-headquartered and publicly listed integrated energy company, conditionally agreed to acquire the entire issued share capital of Apex International Energy Holdings I, the parent company of Apex International Energy L.P. (Apex), from Blue Water Energy LLP (Bluewater), a London-based private equity firm. The transaction, valued at $150 million, includes a $7 million deferred payment, with Kuwait Energy Plc, a subsidiary of UEG acquired in 2019 for $491 million, serving as the guarantor. In 2024, Apex averaged over 11,000 barrels of oil equivalent per day (boed), ranking it among Egypt's top ten oil producers. Following the announcement, UEG's stock price rose 6%, from 0.36 HKD on 7th February to 0.38 HKD on 12th February. Bluewater first invested in Apex in November 2018 through its $1.1 billion Bluewater Energy Fund II, which focuses on upstream, midstream, and downstream
