KKR to take minority stake in Eni biofuel unit for EUR 11.5 billion
Italian renewable energy & smart mobility firm Eni has announced that it has signed a temporary exclusivity agreement with global investment firm KKR aimed at progressing the due diligence phase and completing the drafting of the documents related to the sale of a 20% to 25% stake in Enilive.
Eni held that Enilive deal is based on a valuation of the company between 11.5 billion and 12.5 billion euros.
Eni said that while a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction. This step represents another example of the development of Eni’s satellite model strategy, attracting strategically aligned capital from valuable new partners at attractive multiples, funding its growth and confirming the value they are creating in these new businesses.
“The strong interest shown in this period by leading institutional financial investors could lead to the subsequent sale of a further stake of up to 10% of Enilive,” said the official statement from Eni.
About Enilive
Enilive is an Eni held company dedicated to biorefining, biomethane production, smart mobility solutions including Enjoy car sharing, and the distribution of all energy carriers for mobility, through its more than 5,000 Enilive Stations in Europe, where there is a wide range of products including HVOlution biogenic fuel, bio-LPG and biomethane. Here, several services are also available to support people on the move, including electric recharging and food services such as Eni Café and ALT Stazione del Gusto.
Enilive aims to provide progressively decarbonized services and products for the energy transition, contributing to Eni’s goal of achieving carbon neutrality by 2050 also through industrial assets that include the Venice and Gela biorefineries, in Italy; the St. Bernard Renewables LLC in Louisiana of USA; and 22 biomethane production plants in Italy.
In January 2024 Eni confirmed the transformation of the Livorno refinery into a biorefinery.
