Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) is advising China Investment Corporation, funds advised by Carlyle Group and CVC Capital Partners, founder Sam Laidlaw and certain management owners on the sale of the Neptune Energy group (excluding its business in Germany) to Eni, as well as on the inter-conditional sale of Neptune Energy’s Norway business to Vår Energi, for an aggregate enterprise value (subject to customary adjustments) of $4.9 billion.

The sale is subject to customary conditions, including receipt of necessary regulatory and governmental clearances, and is expected to close in the first quarter of 2024.

Neptune Energy is an independent global exploration and production (E&P) company with operations across Europe, North Africa and Asia Pacific.

The Freshfields team is being led by partners Graham Watson and Alon Gordon, with support from a team across the network, including partners Toby Bingley, Tom Godwin and Charles Hayes. BAHR is advising on Norwegian law matters, with a team led by partners Thomas Svensen and Trond Lingaas.

Commenting on today’s announcement, Graham Watson said: “We are delighted to have supported Neptune Energy and its shareholders in reaching this key milestone in the Neptune Energy story, having advised since Neptune’s inception through the $3.9bn acquisition of ENGIE E&P International in 2017. These transactions are significant for the sector, and Neptune’s gas-weighted portfolio and new energy business will support energy transition targets.”

Alon Gordon added: “It has been a privilege to accompany Neptune’s excellent team and its shareholders through the company’s formation and subsequent growth, including its acquisition of VNG Norge and several other transactions. We look forward to continuing the extraordinary journey as we work with the Neptune Energy, Eni and Vår Energi teams towards completion of this transaction.”