Eni: sells UK assets to Ithaca

(CercleFinance.com) - Eni announces that it has completed the sale of almost all of its UK upstream assets - with the exception of the Eastern Irish Sea assets and the carbon capture and storage (CCUS) business ('Eni UK Business') - to Ithaca.


In return, Eni UK receives new ordinary shares representing approximately 38.7% of Ithaca's enlarged issued share capital.

This combination reaffirms Eni's commitment to the UK, where it is active across the entire energy value chain (upstream oil & gas, renewables, CCS projects, potential development of magnetic fusion projects).

By bringing together two complementary portfolios, the transaction consolidates Eni's position in the country's upstream sector, where the company sees opportunities for growth and optimisation.

Eni becomes a committed shareholder of Ithaca, which positions itself as the largest resource holder in the UK North Sea. The transaction has been approved by the relevant authorities.


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