White & Case advises Eni on €4.9 billion acquisition of Neptune Energy

Press Release
2 min read

Global law firm White & Case LLP has advised Eni S.p.A. (Eni) on its agreement to acquire Neptune Energy Group Limited (Neptune) for a total value of €4.9 billion.

Eni will acquire assets comprising Neptune's entire portfolio other than its operations in Germany and Norway. The German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vår directly from Neptune under a separate share purchase agreement.

The transaction complements Eni's key areas of geographic focus, and supports its objective of increasing its share of natural gas production to 60 percent and reaching net zero emissions from the upstream business by 2030. The deal aligns with its strategy of providing affordable, secure and low carbon energy, for which natural gas remains an important source. The transaction is also consistent with Eni's operating and financial framework, as well as the targets set out in Eni's 2023-2026 Plan, delivering earnings and cashflow accretion, additional shareholder value and remuneration upside.

Neptune is a leading independent exploration and production company with a portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia and Australia. Neptune was founded in 2015 in the UK and is currently owned by China Investment Corporation, funds advised by each of Carlyle Group and CVC Capital Partners, and certain management owners.

The White & Case team that advised on the transaction was led by partners Michael Immordino (London & Milan) and Leonardo Graffi (Milan), supported by partners Ferigo Foscari, Alessandro Seganfreddo (both Milan) and Richard Jones (London), local partner Andrea Pretti (Milan), associates Nicolò Miglio, Valerio Bianchi (both Milan) and Elena Ruggiu (London) and lawyers Vincenzo Ferrini and Roberta Monasterolo (both Milan). Oil & gas industry expertise was provided by partners David Baker, David Lewis (both London) and Stephen Carlton (Melbourne) and associates Iman Algubari, Henry Brendon, Kathleen McConchie, Lauren Vallender (all London) and Ziad Gadalla (Cairo). Finance expertise was provided by partner Evgeny Scirto Ostrovskiy (Milan & London), local partner Bianca Caruso (Milan) and associates John Sanders, Beatrice Bertuzzi (both Milan) and Andrew Paget (London). Tax expertise was provided by partner Will Smith (London) and associate Lily Teh (London).

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