US-based investment firm KKR has agreed to invest an additional €587.5m to acquire a further 5% stake in Eni’s mobility transformation company Enilive.
The transaction, which is carried out through the purchase of additional shares from Eni, will increase KKR’s overall shareholding in the mobility company to 30%.
It also aims to optimise Eni’s capital structure while allowing it to maintain control and consolidation of Enilive.
The agreement follows the deal signed last October, under which KKR acquired a 25% stake in Enilive’s share capital.
That transaction, based on a post-money valuation of €11.75bn for 100% of Enilive, is expected to be completed next month.
KKR’s additional investment is backed by international co-investors, including major pension funds.
Enilive focuses on offering integrated services and progressively decarbonised products in the sustainable mobility sector.
The deal is also in line with Eni’s satellite strategy, which seeks to attract external investment into specific business segments to support independent growth and enhance market valuation.
Eni chief transition and financial officer Francesco Gattei said: “KKR’s additional investment confirms the attractiveness of Enilive to the market. Enilive is a solid and growing company, with an important financial partner, and it will play a crucial role in reducing emissions generated by the end use of our products, which is a key aspect of our path to Net zero by 2050.
“In line with our strategy, we will continue enhancing our best energy transition businesses, enabling them to create value on their own, increase their market value, open up new opportunities in the capital market, make them attractive to important future industrial and financial partners and grow their business rapidly in support of our decarbonisation path.”
Completion of the acquisition is subject to regulatory approvals of the competent authorities.
