E - Eni Var Energi confirm deal to buy Neptune Energy for $4.9B

2023-06-23 07:19:58 ET

Eni ( NYSE: E ), in conjunction with Eni-controlled Norwegian producer Var Energi, said Friday it agreed to acquire Neptune Energy's global and Norway businesses for ~$4.9B including debt.

The deal's enterprise value is split into $2.28B for Neptune's Norwegian assets, which go to Var Energi, and $2.6B for the rest, adding ~130K boe/day to the Eni ( E ) and Var Energi portfolios.

Most of Neptune's production comes from gas fields in the North Sea, North Africa and Asia -all regions where Eni ( E ) already operates.

Eni's ( E ) rationale for the acquisition is " compelling ," given the Neptune portfolio's 77% gas weighting, proximity to European markets and synergies, according to Bloomberg Intelligence analyst Will Hares.

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