Citadel Capital Parts With NPC Egypt For $147.5M

Law360, New York (January 9, 2012, 2:28 PM EST) -- A private equity fund managed by Citadel Capital SAE has sold portfolio company National Petroleum Co. Egypt to a Canadian energy company for $147.5 million, Citadel Capital announced Monday.

Cairo-based Citadel Capital said its opportunity fund Golden Crescent Investments Ltd. signed a share purchase agreement Friday to sell 100 percent of its stake in NPC Egypt to Sea Dragon Energy Inc., which is headquartered in Calgary, Alberta.

Golden Crescent will receive $60 million in cash and about 350 million common shares of Sea Dragon at 25...
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