UK’s Neptune Energy to buy VNG's Norwegian and Danish offshore assets

06/29/2018 1:05:00 PM (GMT)

UK private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG.

The size of the VNG transaction is expected to be around 400 million euros ($462.60 million).

The deal is also a continuation of a trend among European utilities selling out of upstream oil and gas business as their core onshore activity is being challenged by renewable energy.

The transaction follows a deal by Neptune last year to buy the oil and gas unit of France’s Engie for $3.9 billion.

Neptune Energy

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