ENI Announces the Completion of Secondary Placement of Existing Shares in Vår Energi Asa

Source Press Release
Company ENI S.p.A.HitecVisionVar Energi ASA 
Tags Corporate Deals, Deals, Upstream Activities
Date June 09, 2022

Eni announces secondary placement of 5.0% of existing share capital in Vår Energi ASA was successfully completed by Eni and  HitecVision (selling 1.2% and 3.8% respectively) at NOK 40.2 per share, totaling USD 530 Million of proceeds. As a result, the free float will increase from 11.2% to approximately 16.2%. The sale takes place through an accelerated book building process.

Francesco Gattei, Eni’s Chief Financial Officer, commented: “This operation confirms the success of Vår Energi’s listing and the effectiveness of our strategy in setting up satellite companies with the ability to access the markets independently, generating value. The excellent trend in the share performance of Vår Energi, which recorded an increase of over 60% three months after the listing, has unlocked the opportunity to place on the market additional shares thus increasing the liquidity on the stock and further consolidating and expanding the shareholder base of institutional investors.”

After the placement, Eni owns 1,574,616,035 shares in Vår Energi ASA, representing approximately 63.1% of the shares outstanding and votes in the company.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd