12 May Neptune snaps up $3.9 billion stake in Engie
UK-based Neptune Oil & Gas has acquired a majority stake in French utility Engie’s (EPA:ENGI) exploration and production business in a deal worth US$3.9 billion.
The deal will see Neptune assume responsibilities for several fields in the UK and Norwegian North Sea along with other various assets in Germany, Algeria, Egypt and Asia.
Neptune is the latest private equity-backed firm to enter the international energy sector, after firms such as Chrysaor and Siccar Point recently acquired oil and gas assets from oil majors Royal Dutch Shell and Austria’s OMV.
Established in 2015, Neptune is headed by former Centrica boss Sam Laidlaw and backed by private equity funds The Carlyle Group and CVC Capital Partners.
“Our ambition is to create a leading international independent E&P [exploration and production] company within the next five years,” said Laidlaw in a statement.
For Engie, the sale represents a shift away from oil and gas and towards more regulated businesses such as power grids.