HitecVision sells 6.3% stake in Vaar for $423 million

Industry:    2023-09-23

Norway’s HitecVision said on Friday it has sold a 6.3% stake in oil and gas group Vaar Energi for 4.56 billion Norwegian crowns ($423 million), reducing its ownership in the company to 14.4%.

The sale at 29 crowns per share came at a 9.4% discount to Thursday’s closing price of 32 Norwegian crowns.

Italian energy group Eni, Vaar’s majority owner, separately said it did not plan to reduce its 63.04% stake, and that the HitecVision sale would increase Vaar’s share liquidity, making it more attractive to international investors.

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