HitecVision, a Norwegian investment company focused on the energy industry, has sold a 6.3% stake in oil and gas company Vår Energi in a deal valued at $423m (Nkr4.5bn).

The divesture, part of secondary placements of existing shares, saw HitecVision-backed Point Resources Holding sell 157.27 million shares of Vår Energi at Nkr29 per share.

In a statement, HitecVision said: “The offering attracted strong interest and was multiple times oversubscribed. On this basis, the offering was upsized from approximately 142.3 million shares to 157.27 million shares.”

Following the sale, HitecVision has 359.45 million shares or around a 14.4% stake in the energy company.

The offering will result in an increase in the free float of Vår Energi from 16.3% to 22.6%, HitecVision added.

Vår Energi, which is majority-owned by Italian oil and gas major Eni, is focused on exploring the Norwegian Continental Shelf.

In a separate statement, Eni said that it does not plan to reduce its stake in Vår Energi and that the sale would boost the company's share liquidity, making it more appealing to foreign investors, reported Reuters.

Currently, Eni controls a 63.04% stake in Vår Energi.

In June 2022, Eni and HitecVision sold a 1.2% and 3.8% stake, respectively, in Vår Energi in a deal valued at $530m.

Later that month, Eni and Vår Energi signed a deal to buy Neptune Energy, a private equity-backed exploration and production company, for $4.9bn.

Neptune holds a variety of gas-related assets in Australia, Indonesia, North Africa, Western Europe and the Middle East.

As per the agreement, Eni will take over Neptune’s entire portfolio, excluding its activities in Germany and Norway.

Neptune's Norwegian operations will be acquired by Vår Energi and the German business will remain independent.