US-based investment firm KKR has completed the acquisition of a 25% stake in Enilive, Eni’s mobility transformation company, following the necessary regulatory approvals.
Enilive focuses on biorefining, biomethane production, and smart mobility solutions, offering services to support people on the move.
In October last year, KKR agreed to acquire the 25% stake in Enilive’s share capital for €2.938bn.
Last month, KKR signed another agreement to increase its stake by an additional 5%, pending regulatory approvals.
Eni received total proceeds of €2.967bn, which includes a €500m capital increase in Enilive to support its growth plan.
Eni chief transition and financial officer Francesco Gattei then said: “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.”
Eni stated that the transaction combines its ability to develop high-growth energy businesses with KKR’s expertise as a long-term investor, in supporting Enilive’s growth.
The investment strengthens Enilive’s capital structure, reducing its net financial position while ensuring Eni retains consolidation and control over the company.
Also, the transaction represents a significant development of Eni’s satellite model, which aims to create conditions for the independent growth of high-potential businesses.
The model involves creating separate entities that can independently access capital markets to finance their growth, appealing to specialised investors.
Each satellite company remains an integral part of Eni, benefiting from its technology, know-how, and services, and thrives independently while still using Eni’s resources and expertise.
