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Member News23rd Jun 2023

Eni buys Neptune Energy, sells on Norwegian business to Vår

Private equity-backed Neptune Energy has agreed to sell nearly all its assets to Italian energy company Eni for $4.9bn, it said June 23. Subject to approvals, the deal is expected to close early next year.

As part of the deal, Norwegian Vår Energi simultaneously signed an interconditional $2.3bn purchase agreement with Eni for Neptune’s Norwegian assets, meaning Neptune’global business was valued at $2.6bn. Eni owns 63% of Vår.

Neptune’s business in Germany is not part of the transactions and will continue to be owned and operated by the ultimate existing Neptune shareholders as a standalone group.

The existing upstream portfolios of the companies are low-carbon-intensity gas-focused and have complementary geographic exposure, Neptune said.