United Energy Group has agreed to acquire Kuwait Energy Company for an enterprise value of US$798 million. United will pay US$651 million for Kuwait's equity and assume US$147 of net debt. The deal will see United pick up assets in Iraq, Egypt, Yemen, Oman and Pakistan. The sale for Kuwait Energy marks the end of a period of uncertainty for the company. A planned IPO was cancelled in 2017. A potential merger with SOCO International, and subsequent IPO, was then cancelled in 2018 after the companies could not reach an agreement. For Hong Kong-listed United, the deal materially builds on its core Pakistan portfolio that it acquired from BP in 2011. United had been looking for international growth opportunities. The less mature assets acquired from Kuwait should underpin growth for the next decade.