Italian energy group Eni has concluded the acquisition of UK-headquartered independent Neptune Energy for $4.9 billion. The transaction comprises Neptune’s entire portfolio other than its operations in Norway, which are being acquired by Eni’s Norwegian subsidiary Vaar Energi, and Germany. “Through this transaction, Eni integrates a high-quality and low carbon-intensity portfolio with exceptional geographic and operational complementarity to its own,” the company said in a statement. Vaar Energi, which is 63% owned by Eni, acquired the business in Norway directly from Neptune before the completion of the transaction. The carve-out of activities in Germany was also completed prior to the Eni deal and will continue to be owned and operated by existing Neptune shareholders as a standalone group.

Source: The North Africa Journal February 01, 2024 00:07 UTC