Rome, Jun. 23, (dpa/GNA) – Italian energy giant Eni SpA has announced plans to purchase oil and gas exploration company Neptune Energy Group Limited.
Eni SpA said on Friday that it will make the acquisition along with Norway’s Vår Energi ASA.
Neptune is an independent exploration and production company with a 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, it said.
The Neptune Global business will have an enterprise value of approximately $2.6 billion, the company said.
The Norwegian operations will be acquired by Vår directly from Neptune under a separate share purchase agreement.
The Neptune Norway Business will have an enterprise value of approximately $2.3 billion, it said.
The German operations will be carved out.
Vår is 63% owned by Eni. Eni noted that, as of December 31, 2022, net debt of the Neptune Global Business, pro forma for the sale of the Neptune Norway Business, was approximately $0.5 billion.
GNA