The Strategist

Reuters: Eni is in closed talks to buy Neptune Energy



06/07/2023 - 10:32



According to Reuters, which cited its own sources, the Italian energy major Eni is in secret negotiations to acquire the oil and gas company Neptune Energies. The transaction could cost between $5 billion and $6 billion.



Petar Milošević
Petar Milošević
"Italian energy giant Eni has entered into exclusive talks to acquire privately backed gas and oil producer Neptune Energy after improving its previous offer to just under $6 billion," according to the newspaper’s source.

Acquisition conversations reportedly started late last year and have been ongoing exclusively for the past two weeks. While this may signal progress, it does not ensure that the deal will be completed.

Eni has consented to raise the offered sum, but has capped it at $5 billion to $6 billion.

Neptune Energies is owned by the Carlyle Group, CVC Capital Partners, and China Investment Group (CIC). According to Reuters, the business has operations across the globe, including in Europe (Britain, Norway, and the Netherlands), Africa (Algeria), and Asia (Indonesia). In the first quarter of this year, it produced 142,000 barrels of oil equivalent per day, of which three-quarters were gas.

source: reuters.com

 




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