Vår Energi ASA agreed to a business combination with BlueNord ASA. The merger creates Europe’s largest independent oil and gas producer. Vår Energi adds BlueNord’s Danish Continental Shelf assets to its portfolio. The deal targets stable long-term production with minimal near-term investment.
The transaction involves new Vår Energi shares and NOK 1,964 million (USD 204 million) in cash. Existing Vår Energi shareholders will own 90.95% of the combined company. BlueNord shareholders will retain a 9.05% stake. Eni will maintain a 57.33% majority ownership post-transaction.
Management expects the deal to boost production, reserves, and cash flow per share. Vår Energi plans to increase its Q2 2026 dividend to USD 350 million. Existing shareholders will receive this payment before the merger completes.