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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.
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.
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