Engie Inks $5.1B Sale Of Unit To PE-Backed Neptune Energy

Law360, New York (May 11, 2017, 5:28 PM EDT) -- Engie on Thursday inked a €4.7 billion ($5.1 billion) sale of its interest in its oil and gas exploration and production unit to private equity-backed Neptune Energy, as the company looks to focus on cutting its carbon footprint and lowering its exposure to commodities prices.

Engie SA said it received a “firm and binding offer” from U.K.-based Neptune Energy, which is backed by The Carlyle Group, CVC Capital Partners and a sovereign investor, for its 70 percent interest in France-based Exploration & Production International.

The deal comes about a year after Engie unveiled a transformation plan aimed at reducing the company’s...

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