Italian energy major Eni is close to a deal to buy Neptune Energy Group for about $5bn, reported Bloomberg, citing sources.
Eni could announce the deal on the oil and gas explorer Neptune Energy as soon as this week, sources said.
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Other suitors for the private equity-backed company include TotalEnergies, but Eni is poised to win the race in buying the assets, they added.
Neptune Energy is backed by Carlyle Group and CVC Capital Partners.
A final decision is yet to be made and specifics such as the timing of the deal could still change or the deal may not materialise, sources cautioned.
Eni, Neptune Energy, Carlyle, and CVC representatives declined to comment, reported the media outlet.
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By GlobalDataThe Rome-headquartered company has been keeping an eye on Neptune Energy since at least late last year as it looks to grow its natural gas business.
Earlier this month, it was reported that Eni has entered exclusive talks to acquire Neptune Energy.
After several months of negotiations that began in 2022, the two corporations started talking, but the negotiations stalled due to disagreements over price.
The talks commenced after Eni increased its takeover offer price for Neptune Energy, which is now between $5bn and $6bn.
Approximately 75% of Neptune Energy’s output is derived from natural gas found in the North Sea, North Africa, and Asia, all of which are Eni’s operating zones.
Neptune Energy operates a number of offshore oil and gas projects in the Netherlands, Norway, and the UK.
