Brief: Eni, Var Energi Buy Neptune Energy

Neptune Co

23/06/2023 07:09

June 23 (Reuters) - Neptune Co  217270.KQ :
    * ENI AND VAR ENERGI TO ACQUIRE NEPTUNE
    * WILL ACQUIRE ASSETS COMPRISING NEPTUNE’S ENTIRE PORTFOLIO OTHER THAN ITS
OPERATIONS IN  GERMANY AND NORWAY
    * TRANSACTION WILL ADD AROUND 130 KBOED2 TO ENI AND VAR PORTFOLIOS
    * FROM THIS, ENI ESTIMATES TRANSACTION WILL ADD MORE THAN 100 KBOED OF LOW
EMISSION PRODUCTION OVER 2024-2026, OF WHICH MORE THAN 70% WILL BE NATURAL GAS
    * ENI EXPECTS TO GENERATE G&A AND INDUSTRIAL SYNERGIES TO A VALUE OF OVER
$0.5
BILLION
    * TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO EARNINGS AND CFFO
PER 
SHARE, AS WELL AS FREE CASHFLOW POSITIVE
    * TRANSACTION EXPECTED TO BE CLOSED IN FIRST QUARTER OF 2024
    * NEPTUNE NORWAY BUSINESS WILL BE ACQUIRED BY VAR DIRECTLY FROM NEPTUNE
UNDER A
SEPARATE SHARE PURCHASE AGREEMENT


Further company coverage:  217270.KQ 

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