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- Neptune Energy
Neptune Energy Acquisition, Valuation, Funding & Investors
Neptune Energy was acquired by Eni and Var Energi for $4.9B in June 2023, a 1.1x multiple on $4.6B of revenue.
Neptune Energy revenue at acquisition
$4.6B
Last twelve months · Jun 2023
Neptune Energy revenue multiple at acquisition
1.1x
EV/Revenue · Jun 2023
Key investors in Neptune Energy
Carlyle Group
CVC Capital Partners
Sam Laidlaw
About Neptune Energy
Neptune Energy is a London-headquartered independent oil and gas exploration and production company with assets in the North Sea, North Africa, and Asia-Pacific. It operates 18 licenses in the UK Southern North Sea, producing 40,000 barrels of oil equivalent daily from fields like Cygnus and Greater Pegasus. Acquired from Engie in 2018, the firm focuses on low-carbon developments and carbon capture initiatives across the Netherlands and Germany.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$4.6B (Jun 2023)
Valuation
$4.9B (acquired Jun 2023)
Sectors
Neptune Energy Acquisition
Neptune Energy was acquired by Eni and Var Energi for $4.9B on 23 June 2023.
The acquisition price implies a 1.1x revenue multiple on $4.6B of revenue.
Neptune Energy, an independent global exploration and production company operating oil and gas fields across the UK, Norway, Germany, Algeria, the Netherlands, and Indonesia, agreed to be acquired in a $4.9 billion all-cash transaction announced on June 23, 2023. Eni will acquire the Neptune Global Business (excluding Norway and Germany) for an enterprise value of approximately $2.6 billion, while Vår Energi, 63% owned by Eni, will acquire the Neptune Norway Business for $2.3 billion. Neptune's German business remains with existing shareholders as a standalone entity. The deal adds high-quality, low-carbon intensity assets predominantly weighted toward natural gas (80% of 484 million boe 2P reserves net to Eni), with 2023 production estimated at around 130-135 kboed. It complements Eni's operations by enhancing scale in key areas like North Sea gas production, Algeria supplies to Europe, and Indonesia LNG, while supporting energy security and decarbonization goals including CCUS opportunities. Eni expects over $500 million in synergies and more than 100 kboed low-emission production addition over 2024-2026. Completion was conditional on regulatory approvals and targeted for Q1 2024, funded by Eni's liquidity with effective date January 1, 2023. The transaction supports Eni's strategy to increase gas production share to 60% and achieve net zero upstream emissions by 2030.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 23 Jun 2023 | Strategic M&A | $4.9B | 1.1x |
Sources: cop.unglobalcompact.org, eni.com
Neptune Energy Funding History
Neptune Energy has raised 1 funding round.
| Date | Stage | Investors | Deal Summary |
|---|---|---|---|
| Jun 2015 | Undisclosed stage | CVC Capital Partners (lead); Carlyle Group (lead); Sam Laidlaw (lead) | The Carlyle Group and CVC Capital Partners agreed to fund Neptune Oil & Gas, a new London-headquartered upstream investment vehicle led by former Centrica chief executive Sam Laidlaw. The platform was created to acquire large oil and gas portfolios in the North Sea, North Africa and South East Asia. Carlyle invested through Carlyle International Energy Partners and CVC through funds it manages. The vehicle later traded as Neptune Energy. |
Who has invested in Neptune Energy?
3 investors have backed Neptune Energy across its funding rounds, including Carlyle Group, CVC Capital Partners and Sam Laidlaw.
Lead investors include CVC Capital Partners, Carlyle Group and Sam Laidlaw.
Neptune Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jun 2015 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Neptune Energy
Neptune Energy has acquired 1 company to date.
Last acquisition by Neptune Energy was on May 11th 2017. Neptune Energy acquired ENGIE E&P International for $7.3B.
Latest Acquisitions by Neptune Energy
| Description | ENGIE E&P International (EPI) was the upstream oil and gas business of French utility ENGIE, formerly the exploration and production division of GDF SUEZ. It held exploration and production interests in the United Kingdom, Norway, Germany, the Netherlands, Indonesia, Algeria and Egypt, and at the end of 2016 had 2P reserves of 672 million barrels of oil equivalent, 79% of them gas. The business sold natural gas, oil and liquids produced from these fields under long-term licences and partnerships. China Investment Corporation bought a 30% stake in 2011 for EUR 2.3 billion. In May 2017 ENGIE agreed to sell its remaining 70% interest to Neptune Energy, a company launched by The Carlyle Group and CVC Capital Partners, for an aggregate value of EUR 4.7 billion including EUR 1.1 billion of decommissioning liabilities. The sale completed on 15 February 2018, and the business became the core of Neptune Energy, with interests in about 148,000 barrels of oil equivalent per day of production. |
| HQ Country | |
| HQ City | Paris |
| Deal Date | 11 May 2017 |
| Valuation | $7.3B |
| EV/Revenue | |
| EV/EBITDA | |
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Neptune Energy Competitors
Neptune Energy competitors include listed companies like OGDC, CNX Resources, Crescent Energy and Luberef, and private ones like Freeport LNG and Cepsa.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.6B | $923M | $4.9B | 2.3x | ||
| Publicly listed | $2.1B | $1.5B | $5B | 3.6x | ||
| Publicly listed | $3.6B | $1.7B | $4.7B | 2.0x | ||
| Publicly listed | $2.2B | $318M | $5.1B | 1.7x | ||
| Private | - | - | $9.7B | - | ||
| Private | $28B | $2B | $12B | 0.4x |
Neptune Energy Public Comps
Neptune Energy is no longer listed, but its public comps include CMB.Tech, OGDC, Enel Generacion Chile, Shanghai Electric Power, CNX Resources, International Seaways, Seatrium, Crescent Energy, Luberef and Yancoal Australia.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.7B | $910M | 6.0x | 4.7x | 11.1x | 7.1x | |||
| $1.6B | $923M | 2.2x | 2.3x | 3.8x | - | |||
| $3.1B | $884M | 1.6x | 1.7x | 5.7x | 5.3x | |||
| $6.3B | $2.6B | 4.2x | - | 10.3x | - | |||
| $2.1B | $1.5B | 3.5x | 3.6x | 4.8x | 5.7x | |||
| $843M | $508M | 6.2x | 3.7x | 10.4x | - | |||
| $9B | $696M | 0.6x | 0.6x | 7.9x | 6.4x | |||
| $3.6B | $1.7B | 2.7x | 2.0x | 5.8x | 3.3x | |||
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Common questions about Neptune Energy
| When was Neptune Energy founded? | Neptune Energy was founded in 2015. |
| Where is Neptune Energy headquartered? | Neptune Energy is headquartered in London, United Kingdom. |
| Is Neptune Energy publicly listed? | No, Neptune Energy was acquired by Eni and Var Energi in June 2023. |
| Who acquired Neptune Energy? | Neptune Energy was acquired by Eni and Var Energi in June 2023. |
| How much was Neptune Energy acquired for? | Neptune Energy was acquired for $4.9B in June 2023, a 1.1x revenue multiple. |
| What was Neptune Energy's last funding round? | Neptune Energy's last funding round was a undisclosed-stage round in June 2015, led by CVC Capital Partners, Carlyle Group and Sam Laidlaw. |
| Who are Neptune Energy's investors? | Neptune Energy's investors include Sam Laidlaw, Carlyle Group and CVC Capital Partners. |
| Which companies are comparable to Neptune Energy? | Companies comparable to Neptune Energy include OGDC, CNX Resources, Crescent Energy, Luberef, Freeport LNG and Cepsa. |
| How many companies has Neptune Energy acquired? | Neptune Energy has acquired 1 company, including ENGIE E&P International. |
| What was the largest acquisition by Neptune Energy? | The $7.3B acquisition of ENGIE E&P International in May 2017 is the largest acquisition Neptune Energy has made to date. |
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