PE-backed Neptune Energy makes waves with acquisition of VNG Norge Report

Deal Insight 06 July 2018

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Report summary

Neptune Energy is to acquire 100% of the shares of VNG Norge for an initial consideration of US$352 million. VNG Norge has assets in Norway and Denmark that comprises operatorship in Fenja (30%), plus non-operated stakes in several fields including Ivar Aasen (3.02%) and Draugen (7.56%). Following the acquisition of Engie E&P in 2017, Neptune stated its ambition grow the business both organically and through M&A. VNG Norge ticks the right boxes. While the Neptune portfolio generates strong cashflow, much of the European business is mature and gassy; in VNG it has acquired an oil-heavy growing portfolio. The Fenja and Njord assets also build upon one of Neptune's three core areas in Norway.