Global M&A | Eni and Vår Energi acquires Neptune Energy

June 23, 2023

On 23 June, Eni and Vår Energi acquired Neptune Energy for US$4.9 billion including US$0.5 billion of net debt. Neptune will retain its Germany assets. The deal comprises two simultaneous transactions – 1) Vår Energi, Eni’s majority-owned Norway JV, will pay US$2.275 billion to acquire the Norway portfolio, and 2) Eni will pay US$2.625 billion for the remaining global portfolio (except Germany).