Italy's Eni said on Thursday it would have a stake of around 38.7% in Ithaca Energy after completing the sale of nearly all of its upstream assets in the UK to the London-listed company. Eni and Ithaca agreed the deal in April when they said the transaction was worth around 754 million pounds ($992.

Eni S.p.A. (NYSE:E) shares are trading lower on Thursday. The company disclosed the completion of its asset combination in the U.K., merging nearly all upstream assets, except for those in the East Irish Sea and CCUS activities,

Eni holds a 38.7 percent stake in the enlarged Ithaca Energy. To satisfy UK law, 10 percent of the share capital of the combined entity is to be issued to the public. Delek is the majority owner.

Ithaca Energy completed a 754 million pound ($993 million) deal to buy nearly all of Eni's UK oil and gas producing assets, it said on Thursday, an all-share transaction to create one of the biggest independent energy companies in the North Sea.