Eni Completes UK Asset Combination With Ithaca Energy: Details

Eni S.p.A. (NYSE:E) shares are trading lower on Thursday. The company disclosed the completion of its asset combination in the U.K., merging nearly all upstream assets, except for those in the East Irish Sea and CCUS activities, with Ithaca Energy plc.

This combination is financed by issuing new ordinary shares to Eni UK, representing about 38.7% of Ithaca’s enlarged issued share capital.

As earlier stated, the deal reinforces Eni’s commitment to growth in the UK Continental Shelf (UKCS) following the Neptune Energy acquisition.

Upon deal completion, Eni said earlier that it will enter a relationship agreement with Ithaca. As long as Eni holds over 20% of the Combined Group’s shares, it can appoint two non-executive directors to the Ithaca Board.

The company said in April that the combined business’ 2024 production is projected to be between 100,000-110,000 boepd, with the potential to grow to 150,000 boepd by the early 2030s.

The transaction has been approved by the competent authorities and the relevant antitrust regulators.

As of June 30, Eni had cash and cash equivalents of 10.180 billion euros.

Price Action: E shares are down 0.80% at $31.10 at the last check Thursday.

Image via Shutterstock

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