This report does not constitute a rating action. DUBAI (S&P Global Ratings) June 28, 2023—S&P Global Ratings today said that Eni SpA and its 63%-owned associate Var Energi ASA should have the credit metrics headroom at current ratings to absorb a planned $4.9 billion deal for most of the assets of U.K.-based exploration and production company Neptune Energy. Under the terms of the all-cash transaction, announced on June 23, Var Energi will acquire Neptune's Norwegian operations at an enterprise value of $2.3 billion. Neptune's remaining assets, excluding the German operations which will be carved out prior to the transaction, will be acquired by Eni and will have an enterprise value of $2.6 billion. The deal is expected to close in
