HitecVision, a Norwegian investment company focused on the energy industry, has sold a 6.3% stake in oil and gas company Vår Energi in a deal valued at $423m (Nkr4.5bn).

The divesture, part of secondary placements of existing shares, saw HitecVision-backed Point Resources Holding sell 157.27 million shares of Vår Energi at Nkr29 per share.

In a statement, HitecVision said: “The offering attracted strong interest and was multiple times oversubscribed. On this basis, the offering was upsized from approximately 142.3 million shares to 157.27 million shares.”

Following the sale, HitecVision has 359.45 million shares or around a 14.4% stake in the energy company.

The offering will result in an increase in the free float of Vår Energi from 16.3% to 22.6%, HitecVision added.

Vår Energi, which is majority-owned by Italian oil and gas major Eni, is focused on exploring the Norwegian Continental Shelf.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In a separate statement, Eni said that it does not plan to reduce its stake in Vår Energi and that the sale would boost the company’s share liquidity, making it more appealing to foreign investors, reported Reuters.

Currently, Eni controls a 63.04% stake in Vår Energi.

In June 2022, Eni and HitecVision sold a 1.2% and 3.8% stake, respectively, in Vår Energi in a deal valued at $530m.

Later that month, Eni and Vår Energi signed a deal to buy Neptune Energy, a private equity-backed exploration and production company, for $4.9bn.

Neptune holds a variety of gas-related assets in Australia, Indonesia, North Africa, Western Europe and the Middle East.

As per the agreement, Eni will take over Neptune’s entire portfolio, excluding its activities in Germany and Norway.

Neptune’s Norwegian operations will be acquired by Vår Energi and the German business will remain independent.