Norway M&A | Vår Energi acquires Neptune’s Norway Assets

July 3, 2023

On 23 June 2023, Eni and Vår Energi (Vår) announced the acquisition of Neptune Energy (Neptune) for US$4.9 billion. The deal has two components: Vår will acquire the Norway portfolio (except for CCS projects) for US$2.275 billion; and Eni will acquire the remaining portfolio, with the exception of German assets, for US$2.6 billion. The deals are interconnected (if one fails, the other is not completed) and it is expected that the deal will close in Q1 2024 subject to the necessary approvals.