Eni (E) to Divest Its UK Upstream Assets to Ithaca Energy

Eni SpA (E) has made a significant move by agreeing to divest the majority of its upstream assets in the U.K. to Ithaca Energy.The transaction, valued at approximately £754 million, is structured as an all-stock deal. This agreement does not include Eni’s East Irish Sea assets and its carbon capture, utilization and storage activities in the U.K.Through this acquisition, Ithaca Energy will take over Eni U.K.’s operated and non-operated interests in various producing fields. This includes a substantial 38.75 ...