Italy’s Eni has agreed to acquire private equity-backed Neptune Energy for $4.9bn in the largest cash deal in the European oil and gas sector for almost a decade.
London-headquartered Neptune produces oil and gas from fields in eight countries, including the UK, Norway, Germany, Algeria, the Netherlands and Indonesia, where it already shares a licence with the Italian energy major.
Under the terms of the deal announced on Friday, Eni will acquire Neptune for $2.6bn, while Vår Energi — Eni’s Norwegian listed subsidiary — will acquire the company’s operations in Norway for $2.3bn. Eni owns 63 per cent of Vår Energi.
Read the full story on the Financial Times here.