Eni is reportedly in preliminary talks to buy private-equity-backed gas and oil producer Neptune Energy for around $5bn-$6bn.
Neptune produces around 130,000 barrels of oil equivalent per day (boed), primarily gas.
Neptune is owned by China Investment Corporation (CIC), the Carlyle Group, and CVC Capital Partners.
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It has guided its 2022 post-tax operating cash flow to reach $2.5 billion-$3 billion and expects production to grow to 165,000 boed next year.
Reuters reported talks had taken place in recent weeks, citing a banking source, but that the outcome was “far from guaranteed” as valuations differed.
Neptune was working on being “IPO ready,” but current conditions in financial markets made it challenging, CEO Pete Jones said in August.
Source: Yahoo Finance
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