By David Sachs

Eni and Var Energi will acquire Neptune Energy Group's global and Norway businesses for around $4.9 billion, including debt, Eni said Friday.

Eni, an Italian energy company, said it will buy the London-based oil and gas company's entire portfolio, minus its German and Norway businesses, for $2.6 billion including debt. Oslo-based Var Energi will acquire Neptune's Norway operations for around $2.3 billion, including debt, in a separate deal. Eni owns 63% of Var.

The deal supports Eni's goal to increase its share of natural gas production to 60%, it said.

Neptune's German business will be carved out before the transactions, Eni said. Neptune's Norway and global businesses combined for a total of $500 million in pro forma net debt as of the end of 2022, Eni said.

The deal is subject to standard regulatory conditions and is expected to close in the first quarter of next year.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

June 23, 2023 02:39 ET (06:39 GMT)

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