Eni Spa and Ithaca Energy PLC on Thursday completed the combination of substantially all of Eni’s upstream operations in the UK, with leading Eni figures now set to join Ithaca’s board.
After reaching an agreement in April, the Rome-based energy company has combined its upstream assets in the UK with Ithaca in a deal that excludes assets in the East Irish Sea as well as carbon capture, utilisation, and storage activities.
The combination has been funded through the issue to Eni of new Ithaca shares amounting to approximately 39% of the enlarged issued share capital, making Eni the second largest shareholder in the London-based oil & gas operator.
Eni commented: ‘The combination reaffirms the commitment of Eni in the UK, where it is engaged across the entire energy value chain... By combining two complementary portfolios, the transaction consolidates Eni’s upstream position in the country, where the company sees opportunities for value through growth and optimization.’
Eni’s Chief Financial & Operating Officer Francesco Gattei as well as COO Global Natural Resources Guido Brusco have been nominated to join the board of Ithaca as non-executive directors.
Admission of the 639.4 million new Ithaca shares to the London Stock Exchange is scheduled for Friday morning.
Eni shares were up 0.5% at €14.18 each in Milan on Thursday afternoon; Ithaca shares were up 0.4% at 114.00 pence each in London.
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