Freshfields Bruckhaus Deringer and White & Case have scooped up roles on a major oil and gas acquisition by private equity-backed Neptune Energy.

The deal will see Neptune – which is backed by private equity giants The Carlyle Group and CVC, and sovereign wealth fund the China Investment Corporation – acquire Edison E&P's North Sea assets from oil and gas company Energean for £215 million ($274 million).

Earlier this year, White & Case advised Energean on its £750 million ($954 million) acquisition of Edison, which is yet to be completed. This new transaction will go ahead on the basis that Energean's acquisition is completed.

White & Case fielded a London team headed up by corporate co-head for Europe, the Middle East and Africa, Allan Taylor, and M&A partner Richard Jones. London tax head Peita Menon and Milan-based competition partner Veronica Pinotti also took roles on the deal.

In 2018, Taylor also advised Energean on its $695 million initial public offering and premium listing on the London Stock Exchange.

Freshfields is advising Neptune, fielding a team led by corporate partner duo Sam Newhouse, and Graham Watson. The team worked alongside Norwegian firm Schjødt, with its team led by partner Preben Willoch.

Watson previously advised Neptune Energy on its $3.9 billion acquisition of French utilities company Engie in February 2018.