Clifford Chance advises Eni on North Sea energy merger

29 April 2024

Steven Fox, Paolo Sersale, Olivia Higgs, Henry Sit, Francesca Wilson, Shirin Niazi, Dorothy Adu-mfum, Sue Hinchliffe, Luciano Di Via, Chandralekha Ghosh, Dani Rabinowitz, Emmanuel Goriola, Antonio Mirabile, Michael Lyons, Antonio Golino, Carla Lewis, Stella Magistro, Jacqueline Landells (She/Her), Catherine Ennis (She/Her), Jessica Arapu, Nicola Hemsley, Archie Zverev, Keith Hauck, Dominic Behar, Julia Li, Jack Foley
London, Milan, Rome, Washington D.C.

Clifford Chance advises Eni on North Sea energy merger

Global law firm Clifford Chance has advised Eni S.p.A. (the Milan and NYSE listed Italian energy and power company) on its strategic business combination with Ithaca Energy plc. This combination marks a significant development in the North Sea oil and gas sector, creating the second largest independent operator in the UK Continental Shelf by 2024 production, with intertests in six of the top ten largest UKCS fields.

The Combination is aimed at replicating the previous successful execution of upstream combinations that Eni has formed using its distinctive Satellite Model (including Vår Energi in Norway and Azule Energy in Angola). The Satellite Model is a strategic response to the challenges and opportunities of energy markets, creating focussed and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth. The Combination will allow Eni to continue pursuing its successful growth on the UKCS, thereby strengthening its commitment to the UK post its Neptune Energy acquisition. Eni, who will hold 38.5% of the enlarged issued share capital of Ithaca at completion, will be a fully committed, long-term and supportive shareholder of Ithaca, and will bring its world class technical capabilities and operational support to benefit the Combination.

Corporate partners Steven Fox (London) and Paolo Sersale (Milan) led on the deal, supported by senior associate Olivia Higgs and a combined team from Clifford Chance's London, Milan, Rome and Washington offices comprising Henry Sit, Francesca Wilson, Shirin Niazi, Dorothy Adu-Mfum, Charlotte Lam (Corporate), Sue Hinchliffe (partner), Luciano Di Via (partner), Chandralekha Ghosh, Dani Rabinowitz, Emmanuel Goriola and Antonio Mirabile (Antitrust), Michael Lyons, (partner), Antonio Golino (partner), Carla Lewis, Stella Magistro, Jacqueline Landells and Catherine Ennis (Compliance), Nicola Hemsley (partner), Archie Zverev (tax) Keith Hauck, Dom Behar, Julia Li and Jack Foley (Energy and Infrastructure).

The Eni legal team was led by Stefano Speroni (Director Legal Affairs and Commercial Negotiations) with a team comprising Federica Andreoni, Caterina Quaranta and Antonio Maria Favorini.