Eni To Buy Neptune Energy For $4.9 Billion

Ending weeks of speculation, Italy’s energy major Eni said on Friday that along with Vår Energi it had reached an agreement to buy private equity-backed Neptune Energy for an enterprise value of $4.9 billion—the largest cash deal in the European oil and gas sector in years. Under the terms of the agreement, Vår Energi – 63% held by Eni – will buy Neptune’s Norwegian business, which has an enterprise value of around $2.3 billion, while the Neptune Global Business will go to Eni for an enterprise value of…