Norwegian oil major DNO to buy Sval Energi for $1.6bn
The Sval Energi assets are complementary to DNO's North Sea portfolio and will add scale and diversification to solidify the Company's position as a leading listed European independent oil and gas company.
The acquisition will be financed from existing liquidity including available credit facilities, said a statement from DNO.
The company will set in place the optimal capital structure prior to completion, it added.
"This is a rare opportunity to acquire a portfolio of high-quality oil and gas assets on the Norwegian Continental Shelf," said DNO's Executive Chairman Bijan Mossavar-Rahmani.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Insider
4 hours ago
- Gulf Insider
Trump Teases 'Major Statement' On Russia Coming In Days
President Donald Trump has stated that America's NATO allies will be required to pay the full cost for US-made weapons while hinting that some of those arms may eventually be transferred to Ukraine. As is well known, Trump has long pushed European NATO members to take on greater defense const-sharing burden, and in new remarks given to NBC published Friday he said 'We send weapons to NATO, and NATO is going to reimburse the full cost of those weapons.' He emphasized, 'NATO is paying for those weapons, 100%.' He went on to preview that once the weapons are purchased by NATO allies, 'then NATO is going to be giving those weapons' to Ukraine. He described that the deal was struck in June at the NATO summit in the Netherlands: 'We're sending weapons to NATO, and NATO is paying for those weapons, 100%. So what we're doing is the weapons that are going out are going to NATO, and then NATO is going to be giving those weapons [to Ukraine], and NATO is paying for those weapons,' Trump said. Another very interesting part of the interview came when he teased a major Russia-related announcement planned for Monday. Could it be new sanctions, which Ukraine's Zelensky and others have been aggressively lobbying for? 'I'm disappointed in Russia, but we'll see what happens over the next couple of weeks,' Trump said. 'I think I'll have a major statement to make on Russia on Monday,' he added without elaborating. As for new weapons systems for Ukraine, a fresh Reuters report has said this could total up to $300 million in new arms. Alarmingly, the Pentagon has been running low on its own stockpiles, with Patriot missiles in particular in short supply and high demand, and slow to replace. Secretary of Defense Marco Rubio told reporters while in Malaysia this week of the Patriots, 'Well, the Spaniards have them. They're really far from Ukraine and they have one. The Germans have, others have them — I'm not singling them out, but I'm just telling you those are two that I know.' 'There are other Patriot batteries, and there are other opportunities,' he added. 'Countries that have ordered Patriot batteries that are about to receive shipments of them, it'd be great if one of them volunteered to defer that shipment and send it to Ukraine instead,' Rubio said. Rubio has been teasing a 'new' approach and potential strategy toward resolving the Russia-Ukraine war, after meeting with Russian Foreign Minister Sergei Lavrov this week.
Biz Bahrain
7 hours ago
- Biz Bahrain
Investcorp raises a €240m single-asset continuation fund to support HWG Sababa in the next phase of growth
Investcorp, a leading global alternative investment firm, today announced the completion of the sale of a majority stake in leading Italian cybersecurity provider HWG Sababa S.r.l. (the 'Company')[1] by Investcorp Technology Partners Fund V ('ITP V') and certain other investors, to an oversubscribed €240m single-asset continuation fund managed by Investcorp (the 'Fund'). The sale, in which ITP V sold the entirety of its interest in the Company, marks the first exit by ITP V, an oversubscribed $570M fund managed by Investcorp and closed in 2024. The Fund, which closed in June 2025, is managed by Investcorp and is anchored by commitments from funds advised by Hayfin Capital Management ('Hayfin') and Coller Capital ('Coller'). The Fund includes participation from certain investors in ITP V, from Investcorp Technology Partners ('ITP') employees and from new investors, including Hayfin and Coller, among others. Members of the Company management team will continue to hold a significant stake in the Company, alongside the Fund. The transaction provided existing investors in ITP V with the opportunity to realize strong returns on their investment in the Company and gives the Fund and its investors the opportunity to back a high-performing asset with significant potential for further value creation. Having supported the Company since ITP V's investment in 2022, Investcorp, alongside the Fund, will continue to support and actively contribute to the Company in its next phase of growth, which includes further development of existing solutions, with a strong focus on Operational Technology, investment in technology & innovation and internationalization of the firm primarily in Europe and the Middle East, organically and through acquisitions. Founded in 2008 and headquartered in Verona, Italy, the Company is a leading independent provider of end-to-end cybersecurity solutions in Southern Europe, with strong expertise in security operations centre solutions for IT, IoT and OT environments. The Company serves mid-sized enterprises across sectors, including critical infrastructure, energy, finance, manufacturing and more. Since acquiring the business in 2022, ITP V collaborated with the Company's management team to drive growth organically and through acquisitions, growing revenue sixfold and completing four add-on acquisitions, including the acquisition of Sababa Security S.p.A. in 2023. Gilbert Kamieniecky, Head of Investcorp's European Private Equity business, said: 'The creation of a dedicated continuation fund for HWG Sababa highlights the Company's strong growth and our successful partnership with Enrico, Alessio, and the team. The strong demand for the fund reflects HWG Sababa's quality, and we're pleased to partner with Hayfin and Coller Capital to support its continued growth.' Yusef al Yusef, Global Head of Distribution at Investcorp, said: 'We are proud of the strong partnership we have built with Enrico and Alessio, confirmed by HWG Sababa's positioning as a leading cybersecurity solution provider in Southern Europe. We're excited to remain involved through the management of this continuation fund and to collaborate with Hayfin and Coller Capital as we support the next stage of the company's development.' Enrico Orlandi, Chairman of HWG Sababa added: 'We are very proud of the journey we've taken alongside ITP, whose support has been instrumental in helping us achieve our objectives. We believe this continuation fund is the right solution to fuel HWG Sababa's next phase of growth.' Alessio Aceti, CEO of HWG Sababa, added: 'This milestone reflects the shared commitment and hard work of our management team and the entire company, of whom we are immensely proud. We remain determined to strengthen our leadership in IT cybersecurity, OT, and SOC services—both in Italy and internationally.' Following the completion of the sale by ITP V, ITP V continues to hold investments in VEDA (Germany), Unyfr (USA) and NetRom (the Netherlands).
Daily Tribune
2 days ago
- Daily Tribune
European stocks brush off Trump's copper, pharma tariff threats
Wall Street rose and major European markets closed in the green yesterday, brushing off US President Donald Trump's tariff threats on copper and pharmaceuticals. Investors kept an eye on countries seeking to hammer out tariff agreements before Trump's new cut-off date of August 1. The US president had reignited trade jitters Tuesday by announcing a 50% toll on copper imports and saying he was looking at 200% tariffs on pharmaceuticals. Copper soars The news sent the price of copper -- with a wide range of uses including in cars, construction and telecoms -- to a record high Tuesday. But Kathleen Brooks, research director at XTB, found Wednesday "the market is not taking Trump at his word when it comes to tariffs, and the market impact has been limited so far." The tech-heavy Nasdaq had added almost 1% two hours into the session with chipmaker Nvidia barrelling ahead just over 2% as AI growth saw it top $4 trillion in market value, the first company to hit the mark as it extended its globe-leading market capitalisation. Noting tech had endured some lean months going back to the third quarter of last year, eToro's US investment analyst Bret Kenwell said "we're seeing growth stocks come to life on the back of AI initiatives, while cybersecurity firms are rallying higher. Mega-cap tech continues to spend fortunes building out the necessary AI infrastructure for the future." After Trump said he would allow pharmaceutical manufacturers time to relocate operations to the United States before rolling out fresh duties, equity markets largely took the news in their stride as "details of when, how and who remain thin on the ground", said Derren Nathan, head of equity research at Hargreaves Lansdown. Germany's Dax hit a new high European markets were shrugging off risks of a trade war. Germany's Dax hit a new high as it posted a 1.4% gain, matched by the CAC 40 in Paris. London could only manage a gain of just under 0.2%. But Chris Beauchamp, chief market analyst at online trading platform IG, urged caution as "reports suggesting that Trump relishes the actual dealmaking process more than an actual resolution seem to suggest that a further delay to tariffs will be forthcoming, although this is an approach fraught with risk." Trump warned he would not again extend his August 1 deadline to reach deals, after he pushed back his July 9 cut-off. rlier in Asia, Tokyo gains were tempered by losses in Hong Kong and Shanghai.
