Eni to buy oil and gas company Neptune Energy

The oil and gas company founded by the former boss of Centrica, which owns British Gas, has confirmed that it will be sold to Italy’s Eni for almost $5bn (£3.9m) in one of Europe’s largest oil and gas takeovers in a decade.

Neptune Energy, which was established by Sam Laidlaw five years ago, said Eni had agreed to buy the company for $2.6bn, while Eni’s Norwegian-listed subsidiary, Vår Energi, will acquire Neptune’s Norwegian business for $2.3bn.

Neptune operates oil and gas fields across the UK, Norway, Germany, Algeria, the Netherlands and Indonesia. Neptune’s business in Germany is not part of the Eni transactions and will continue to be owned and operated by Neptune’s existing shareholders as a standalone group.

Source: https://www.theguardian.com/business/2023/jun/23/eni-buy-oil-and-gas-company-neptune-energy