Repsol, NEO Energy Join Forces In North Sea Deal, Targeting $1 Billion In Synergies (CORRECTED)

Editor’s note: The headline has been corrected to clarify that Repsol and NEO Energy are forming a joint venture

Repsol S.A.‘s (OTC:REPYY) Repsol Resources UK disclosed a strategic merger deal with NEO Energy (NEO) on Thursday, creating a major independent producer in the North Sea.

The newly merged entity will be rebranded as NEO NEXT Energy Limited.

As per the deal, the merged entity will be co-owned by NEO (55%) and Repsol UK (45%), with Repsol retaining $1.8 billion in ...