Investment company KKR has signed an agreement to acquire 25% stake in Italian energy group Eni’s mobility transformation company Enilive for €2.94bn ($3.18bn).
The transaction values Enilive at €11.75bn.
Enilive was founded to provide integrated services and products that are expected to be decarbonised by 2050.
It primarily focuses on biorefining, biomethane production, smart mobility solutions including car sharing. The company has a network of more than 5,000 Enilive Stations in Europe.
The deal is expected to support Enilive’s growth and boost Eni’s capital structure while retaining control of the company.
Additionally, Eni will inject €500m in Enilive to ensure the entity is debt-free at completion.
Eni CEO Claudio Descalzi said: “With KKR’s support, Enilive is poised to capitalise on its ambitious growth plans and continue delivering real, scalable energy transition solutions.”
KKR will make the investment in Enilive through its Global Infrastructure Strategy.
The transaction will be funded through the subscription of a capital increase in Enilive reserved to KKR totalling €500m and Enilive’s shares from Eni for a value of €2.44bn.
The closing of the deal is subject to customary regulatory approvals.
KKR European Infrastructure team partner Alberto Signori said: “We are thrilled to strategically partner with Eni on this investment in Enilive, a key player in advancing the energy transition.
“This aligns with our strategy to support transformative energy projects across Europe. With our global infrastructure platform and local expertise, we’re excited to help Enilive scale its impact in decarbonising transportation and expand internationally. We look forward to contributing to its continued growth and success.”
Eni has also finalised the transformation plan for its chemicals business as part of its decarbonisation process.
The plan will involve investing nearly €2bn and reduce emissions by approximately 1 million tonnes of CO2. This includes developing new industrial plants consistent with the energy transition.
