Eni with Var Energi acquires Neptune
Eni spa announces that together with Var Energi ASA has reached an agreement to acquire Neptune Energy Group Limited. Neptune is a leading independent exploration and production company with a global portfolio of predominantly gas assets and operations in Western Europe, North Africa, Indonesia and Australia. The production of Neptune, reads a note from the group, is competitive in terms of cost and has a low level of emissions. Neptune was founded in 2015 by Sam Laidlaw e it is currently controlled by China Investment Corporationfrom funds managed by the Carlyle Group and CVC Capital Partners and some managers of the company Eni will acquire the entire Neptune portfolio with the exclusion of the activities in Germany and Norway.
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The operations in Germany will be spun off from the perimeter prior to the transaction, while the assets in Norway will be acquired by Var directly from Neptune pursuant to a separate share purchase agreement (“VAR Acquisition”) (the Eni Acquisition and the Var Acquisition, collectively the “Transaction”). The Var acquisition will close immediately prior to the Eni acquisition, and the proceeds from the sale of the Neptune Norway Business will remain in the Neptune Global Business, acquired by Eni. Var is a company listed on the Oslo Stock Exchange and 63% owned by Eni.
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