Neptune Energy is considering the sale of the business following the breakdown of negotiations for a takeover by Italian energy company Eni, reported Bloomberg News.
The private-equity backed gas and oil producer’s takeover talks with Eni failed due to disagreements over price, the sources said.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
A sale could value Neptune, which is backed by Carlyle Group and CVC Capital Partners, at more than $5bn. Neptune is currently in deliberations and no decision has been made whether to proceed with a sale of the business.
The company’s owners have been working with advisers, including Goldman Sachs Group and Rothschild & Co. to gauge options for the company, including a potential sale.
Neptune has operations in Norway, the Netherlands, and North Africa, among others.
Earlier this month, Neptune reported net profit after tax for the full year 2022 at $924.4m, up from $387.2m in the same period a year ago. Revenue and free cash flow for the full year 2022 stood at $4.6bn and $1.68bn, respectively.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn December 2022, Bloomberg News reported that Carlyle was assessing an offer for a majority stake in Austrian petrochemical firm OMV AG’s oil and gas portfolio. OMV owns assets in Libya, the UAE, and Norway.
