Deal Insight
Ithaca and Eni create joint UK business
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Eni and North Sea producer Ithaca Energy have agreed to combine Eni's UK upstream assets (excluding its East Irish Sea assets and CCUS activities) with the UK-listed Independent. Ithaca will issue 635 million new shares to Eni. This would give Eni a 38.5% holding in the enlarged company (37.3% post-completion, due to a related agreement between Delek Group and Eni). Delek will remain Ithaca's largest shareholder, with over 50% of the voting rights.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Eni's commercial portfolio
- Eni's transacted portfolio
- Deal analysis
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Upsides and risks
- Upside/downside risks to our valuation of Eni UK
- Upside / downside risks our valuation of Ithaca
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Strategic rationale
- Eni
- Ithaca
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What next for Ithaca?
- Platform for growth
- Re-rating?
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1WM valuation of Eni UKDeal analysis: Table 2
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Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Eni's transacted portfolioUpstream assets: Table 1Ithaca & Eni UK combined production versus selected companies
What's included
This report contains:
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