Freshfields acted on on $4.9bn sale of Neptune Energy to Eni and Vår Energi

Freshfields acted on on $4.9bn sale of Neptune Energy to Eni and Vår Energi

The sale is expected to close in the first quarter of 2024

Freshfields Bruckhaus Deringer has been advising China Investment Corporation, funds advised by Carlyle Group and CVC Capital Partners, founder Sam Laidlaw, and certain management owners, on the sale of the Neptune Energy Group (excluding its business in Germany) to Eni.

The global law firm also supported the inter-conditional sale of Neptune Energy’s Norway business to Vår Energi, for an aggregate enterprise value of $4.9 billion.

Neptune Energy is an independent global exploration and production company with operations across Europe, North Africa and Asia Pacific.

Commenting on the deal, Graham Watson, Partner, and Head of the Freshfields Energy Group stated, “We are delighted to have supported Neptune Energy and its shareholders in reaching this key milestone in the Neptune Energy story, having advised since Neptune’s inception through the $3.9bn acquisition of ENGIE E&P International in 2017. These transactions are significant for the sector, and Neptune’s gas-weighted portfolio and new energy business will support energy transition targets.”

Alon Gordon, a Partner at Freshfields remarked, “It has been a privilege to accompany Neptune’s excellent team and its shareholders through the company’s formation and subsequent growth, including its acquisition of VNG Norge and several other transactions. We look forward to continuing the extraordinary journey as we work with the Neptune Energy, Eni and Vår Energi teams towards the completion of this transaction.”

The Freshfields Bruckhaus Deringer team is being led by Partners Graham Watson and Alon Gordon. They are supported by lawyers across the network, including partners Toby Bingley, Tom Godwin, and Charles Hayes.

BAHR is advising on Norwegian law matters, with a team led by Partners Thomas Svensen and Trond Lingaas.