Eni sells 25% of Enilive, green mobility hub, to US fund Kkr. Descalzi: "Important step forward".

Eni takes a further step forward in the enhancement of its satellite model and signs a contract with Kkr for the entry of the US fund into 25% of the share capital of Enilive, the group's green mobility hub. Kkr will pay a consideration of EUR 2.9 billion, which will be paid in two steps. The first is the subscription of a 500 million euro capital increase in Enilive reserved for the fund. The next step, on the other hand, is the purchase of Enilive shares from Eni against payment of €2.438 billion, corresponding to an equity valuation of €11.75 billion for 100% of Enilive's share capital. The agreement also provides that prior to the completion of the transaction, Eni will carry out a €500 million capital increase to reduce its net financial position to zero.

The transaction combines Eni's ability to develop high-growth energy businesses with Kkr's experience as a long-term investor with a solid track record in the energy and infrastructure sectors, further contributing to Enilive's growth. Furthermore, the investment optimises Eni's capital structure, reducing its net financial position and maintaining Eni's consolidation and control of Enilive.

As mentioned above, the transaction represents a significant development of Eni's satellite model, which aims to create the conditions for independent growth of high-potential businesses, guaranteeing access to new pools of strategic capital and providing evidence of their actual market value. The transaction also confirms the effectiveness of Enilive's distinctive integrated model and at the same time strengthens its financial structure.

"This agreement represents a new and important step forward in our business strategy related to the energy transition," commented Eni's CEO Claudio Descalzi. "Enilive, together with Plenitude, is fundamental to our commitment to provide decarbonised energy solutions and progressively reduce the emissions generated by the end use of our products: both companies have met with great interest from leading international partners and achieved significant market valuations, and this means that there is appreciation for how we are tackling the energy transition.

According to the CEO, "the right way" to tackle the energy transition "successfully" is to "create low or zero-carbon businesses that respond to a real and existing demand for energy products and grow autonomously, due to the success of their models and products. With KKR's support, Enilive is in a position to enhance its ambitious growth plans and will continue to offer real, scalable solutions related to the energy transition'.