Eni, Vaar agree to buy Neptune Energy in $4.9 billion deal

have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.

Descalzi also said that the acquisition would boost the outlook for the gas and LNG division, which last year was one of the drivers of the group's record earnings, and the potential for share buybacks to reward investors.at 0945 GMT, on the back of a negative sentiment weighing on the oil sector on Friday.

Eni, which is controlled by the Italian government, owns 63% of Vaar and is the main beneficiary of cash dividends from the Oslo-listed unit. Norway private equity fund HitecVision is a minority investor in Vaar.Under the agreement, Eni will acquire Neptune's entire portfolio other than its operations in Germany and Norway.

The Vaar transaction will close immediately prior to the Eni deal with the proceeds from the Norway sale remaining with the business purchased by the Italian group.Vaar, which has bet heavily on exploration in the Arctic Barents Sea, said the deal would boost its position in the remote region, gaining a 12% stake in Hammerfest LNG, Europe's only large-scale production facility for liquefied natural gas.

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