Eni Partners with KKR on Enilive Stake Sale
Italian energy giant Eni announced on Thursday that KKR, a prominent U.S. investment firm, will acquire a 25% stake in its biofuel division, Enilive, in a transaction valuing the company at €11.75 billion (approximately $12.7 billion) including debt.
KKR’s investment of €2.938 billion will bolster Eni’s financial position while allowing the Italian firm to maintain control over Enilive. This agreement is part of Eni's broader strategy to spin off growth sectors by partnering with co-investors.
The deal includes a €500 million capital increase for Enilive specifically reserved for KKR, alongside the sale of existing shares held by Eni for €2.438 billion. Before finalizing the KKR agreement, Eni plans to infuse an additional €500 million into Enilive to ensure that the business is free of debt.
“This agreement marks a significant step in our strategy for energy transition,” stated Claudio Descalzi, CEO of Eni.
Financial advisory roles were fulfilled by JP Morgan and Mediobanca for Eni, while Deutsche Bank and Unicredit advised KKR. Legal counsel was provided by Kirkland & Ellis and Gianni & Origoni.
This latest transaction follows a similar move in March, where Eni opened its retail and renewables subsidiary, Plenitude, to minority investment from Swiss asset manager Energy Infrastructure Partners.


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