6/23, 8:39 AM (Source: TeleTrader)
more TeleTrader news

Eni, Var Energi to buy Neptune in $4.9B deal

Eni S.p.A. and Var Energi ASA will acquire natural gas exploration and production company Neptune Energy Group Limited in a deal estimated at $4.9 billion, the Italian energy firm revealed on Friday.

Eni will acquire what it described as "Neptune Global Business," or Neptune's subsidiaries in the United Kingdom, the Netherlands, Indonesia, Australia, Algeria and Egypt, in a $2.6 billion agreement. Var will buy the "Neptune Norway Business" in a separate, $2.3 billion deal, while Neptune's unit in Germany will be "carved out" once the first transaction is finalized.

The Italian energy giant owns a 63% stake in Var, which is listed on the Oslo Stock Exchange. China Investment Corporation, funds advised by The Carlyle Group Inc. and CVC Capital Partners and others currently own Neptune.

Baha Breaking News (BBN) / MS