Eni is one of the most mentioned companies across news items over the past six hours, according to Factiva data, after reaching a $4.9 billion deal to buy Neptune Energy. The Italian oil-and-gas major and Var Energi have agreed to acquire Neptune's entire portfolio, aside from its business in Germany that will be carved out prior to the transaction, confirming a deal that had been rumored for some time. Var Energi is a company listed on the Oslo Stock Exchange and is 63% owned by Eni. According to Jefferies' Giacomo Romeo and Alexatrini Tsiknia, the acquisition should result in a net price paid by Eni at closure of $2.1 billion-$2.2 billion. "This is consistent with Eni's plan to spend net $1 billion on inorganic investments between 2023 and 2026 and the 3%-4% production CAGR [compound annual growth rate] guidance," they say in a note. The deal is in line with Eni's strategy to expand the reach of its gas business, aiming to increase the share of natural-gas production to 60% by 2030, the company says. Neptune Energy's business operates in the U.K., the Netherlands, Algeria, Egypt, Indonesia and Australia. Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

June 23, 2023 06:59 ET (10:59 GMT)

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