Neptune Energy announced that Eni International BV has signed a sale and purchase agreement to acquire Neptune Energy Group Limited, with Vår Energi ASA simultaneously signing an inter-conditional sale and purchase agreement to acquire Neptune Energy Norge AS for an aggregate enterprise value (subject to customary adjustments) of $4.9 billion.

According to the company’s statement, Neptune’s business in Germany is not part of the transactions and will continue to be owned and operated by the ultimate existing Neptune shareholders as a standalone group.

The Boards of Eni, Vår Energi and Neptune believe the proposed combinations will enhance their technical and financial capabilities to provide energy security and participate in the energy transition.

The existing upstream portfolios of the companies are low carbon intensity gas-focused, with complementary geographic exposure, providing Eni and Vår Energi with increased scale in growth areas and high-value markets, and enhanced decarbonization opportunities.

Completion of the acquisitions is conditional upon, among other things, the receipt of necessary regulatory and governmental clearances. The transactions are expected to close by the end of Q1 2024.

Sam Laidlaw, Executive Chairman of Neptune Energy, said: “Since Neptune’s formation in 2018, we have invested in the business and transformed the organization, resulting in material improvements in safety, operational performance and cost efficiency.

“I am incredibly proud of Neptune’s achievements over the past five years – and the hard work and dedication of so many people across our organization, who, together with our shareholders, have contributed to the growth and success of the business.

“This transaction offers a new and exciting phase for Neptune, with significant growth opportunities supporting energy security and the energy transition, which will benefit from Eni’s and Vår Energi’s larger scale and available resources.”