E - Eni in talks to buy Neptune Energy for as much as $6B - report

2023-06-06 09:19:20 ET

Eni ( NYSE: E ) has entered exclusive talks to acquire U.K.-based oil and gas producer Neptune Energy after slightly improving its previous offer but remaining in the $5B-$6B range, Reuters reported Tuesday.

The two firms entered a new phase of exclusive discussions in recent weeks following months of slow negotiations that started late last year, according to the report.

Neptune Energy, which produced 142K boe/day in Q1 2023 (75% gas), is owned by China Investment Corp., the Carlyle Group and CVC Capital Partners.

Neptune has operations in the U.K., Norway, Indonesia - where Neptune shares licenses with Eni ( E ) - Algeria, the Netherlands and elsewhere.

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