HitecVision to Halve Holding in Norwegian Oil Company Var Energi

HitecVision, an energy-focused private equity company, plans to sell a 6.6% stake in Norway’s third-largest oil and gas company Var Energi ASA.

The sale of 164 million issued and outstanding shares in Var will halve HitecVision’s stake, it said Thursday. The offering is worth about 5.3 billion kroner ($502 million).

Eni SpA, which owns a 63% stake in Var, has been informed, HitecVision said.

Eni continues to see Var Energi as “a valuable asset further reinforced by the recent acquisition of Neptune Norway,” Eni Chief Financial Officer Francesco Gattei was cited as saying in the statement. “We maintain our ...