In Italy, Eni said it has signed a temporary exclusivity agreement with KKR, a global investment firm, aimed at progressing the due diligence phase and completing the drafting of the documents related to the sale of a 20% to 25% stake in its biofuels unit Enilive, based on a valuation of the company between $12.5 billion and $13.5 billion.
“While a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction. This step represents another example of the development of Eni’s satellite model strategy, attracting strategically aligned capital from valuable new partners at attractive multiples, funding our growth and confirming the value we are creating in these new businesses,” the company said.
Eni added that the strong interest shown in this period by leading institutional financial investors could lead to the subsequent sale of a further stake of up to 10% of Enilive.
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Tags: Eni, Enilive, Italy, KKR
Category: Fuels
