Eni, Var Energi to buy leading gas producer Neptune

Eni S.p.A., along with Vår Energi ASA, has reached an agreement to acquire Neptune Energy Group Limited, Report informs referring to Eni’s website.

Neptune is a leading independent exploration and production company with a world-class portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia and Australia.

“Eni will acquire assets comprising Neptune’s entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations, will be acquired by Vår directly from Neptune under a separate share purchase agreement,” reads the message.

Under the agreed terms, the Neptune Global Business will have an Enterprise Value of c.$2.6 billion, while the Neptune Norway Business will have an Enterprise Value of c.$2.3 billion. As of December 31, 2022, net debt of the Neptune Global Business, pro forma for the sale of the Neptune Norway Business, was c.$0.5 billion. The final net consideration for both transactions will be subject to customary closing adjustments and will be paid in cash at completion. The Eni transaction will be funded through available liquidity.