Former Centrica boss Sam Laidlaw closing in on North Sea takeover
A former Centrica chief executive is believed to be in pole position to snap up one of the largest operators in the North Sea.
Sam Laidlaw’s investment vehicle, Neptune Oil & Gas, is in advanced talks to acquire Engie’s controlling stake in the $4bn-valued (£3.2bn) production arm.
Engie, the French state utility formerly named GDF Suez, has hired Bank of America Merrill Lynch and Goldman Sachs to handle the sale, the Sunday Times first reported.
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Morning Wire understands Neptune is in talks with Engie, but is also considering a number of other assets.
The China Investment Corporation (CIC), which owns the remaining 30 per cent of the North Sea operator, will have a say on who its new partner is.
Earlier this year, CIC was believed to have vetoed a merger between the business and Centrica.
Neptune was founded in June last year by private equity groups Carlyle and CVC Capital Partners.
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Based in London, the investment vehicle launched with the aim of targeting up to $5bn of acquisitions.
The vehicle was launched to “identify large-scale investment opportunities arising in the North Sea, North Africa and South East Asia”.
Engie and Neptune have been asked for comment.
The Sunday Times reported that a deal could be announced before Christmas.