There The European Commission has approved the acquisition of exclusive control of part of the British company Neptune Energy Group Limited by Eni. The transaction primarily involves the exploration, production and wholesale supply of petroleum, refined petroleum products and natural gas. The Commission concluded that the notified transaction does not create competition concerns, given the limited combined market position of the company resulting from the concentration.
Neptune, Eni explained last June, is an independent company, active in exploration and production, with a global portfolio of mainly gas assets and activities in Western Europe, North Africa, Indonesia and Australia. Neptune’s production is “cost-competitive and has a low level of emissions.” Neptune was founded in 2015 by Sam Laidlaw and before the acquisition it was controlled by China Investment Corporation, by funds managed by Carlyle Group and CVC Capital Partners and by some of the company’s managers. Eni acquires the entire Neptune portfolio excluding the activities in Germany and Norway. The operations in Germany will be spun off from the perimeter prior to the transaction, while the operations in Norway will be acquired by Vår directly from Neptune. The Vår Acquisition will close immediately prior to the Eni Acquisition, and the proceeds from the sale of the Neptune Norway Business will remain in the Neptune Global Business, acquired by Eni. Vår is a company listed on the Oslo Stock Exchange and 63% owned by Eni.
