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.

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.

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 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.