Eni and Vår Energi acquire Neptune Energy for $4.9B

Oil&Gas

Norway – Eni and Vår Energi ASA have made significant moves in the energy industry by signing agreements to acquire Neptune Energy Group Limited and Neptune Energy Norge, respectively, in a deal worth $4.9 billion.

The acquisition aims to enhance technical capabilities, financial strength, and participation in the energy transition while reinforcing energy security.

The strategic combination of Eni, Vår Energi, and Neptune is driven by a shared vision of capitalizing on low carbon intensity gas-focused upstream portfolios and leveraging complementary geographic exposure. This alignment allows for increased scale in growth areas and high-value markets, as well as greater opportunities for decarbonization.

It is important to note that Neptune’s business in Germany will remain separate from these transactions, continuing to be owned and operated by existing shareholders as an independent entity.

The completion of the acquisitions is subject to customary adjustments and regulatory approvals, with the expected closing date set for the end of the first quarter of 2024. The combined forces will contribute to energy security and facilitate the transition towards a sustainable energy future.

Decarbonization

The impact of this acquisition extends beyond financial considerations. By bringing together the expertise and resources of Eni, Vår Energi, and Neptune, the companies can drive advancements in energy technology, explore new avenues for renewable energy, and play a significant role in decarbonization efforts. This aligns with the global shift towards cleaner and more sustainable energy sources, addressing the pressing challenges of climate change and promoting a greener future.

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