EurOil: Eni, Vaar snap up Neptune for $4.9bn

Italian energy major Eni and its Norwegian subsidiary Vaar have reached an agreement to acquire Neptune Energy, a private equity-backed gas and oil producer focused on the North Sea. The deal, valued at $4.9bn including debt, marks one of the largest oil and gas transactions in Europe in recent years. Eni's strategic plan to increase its gas production aligns with the acquisition, which is expected to enhance the company's earnings immediately. The transaction is scheduled to be finalised in early 2024 and is projected to generate synergies of approximately $500mn.

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