BAKU, Azerbaijan, October 24. Eni has agreed to sell a 25% stake in its subsidiary, Enilive, to global investment firm KKR, Trend reports.
According to the producer, the transaction, valued at 2.938 billion euros, will be funded through two key mechanisms: KKR's subscription to a 500 million euro capital increase in Enilive, and the purchase of shares from Eni valued at 2.438 billion euros. This deal sets the total post-money valuation of Enilive at 11.75 billion euros.
As part of the agreement, Eni will complete a 500 million euro capital increase in Enilive before the deal is finalized, ensuring the company remains debt-free. The partnership combines Eni’s extensive experience in developing high-growth energy businesses with KKR’s proven track record as a long-term investor in the energy and infrastructure sectors.
The investment will enhance Eni’s financial position by reducing its net debt, while Eni retains full consolidation and control over Enilive. This marks a significant development in Eni’s satellite business model, aimed at fostering the independent growth of high-potential subsidiaries while providing transparency into their market value.
Eni CEO Claudio Descalzi highlighted the importance of the deal, stating, “This agreement marks a significant further step in our business strategy related to the energy transition. Enilive, alongside Plenitude, is central to our commitment to providing decarbonized energy solutions and progressively reducing emissions from the end use of our products.”