Italy's Eni seeking to sell more of Plenitude's shares - report
Sep 16, 2024 10:10 CESTItalian oil and gas major Eni SpA (BIT:ENI) has inked a temporary exclusivity agreement on the sale of a minority stake in its biofuels subsidiary Enilive to US private equity firm KKR & Co Inc (NYSE:KKR).
The parties are negotiating the sale of a shareholding of 20% to 25% in Enilive at a valuation for the whole business of between EUR 11.5 billion (USD 12.5bn) and EUR 12.5 billion, the Italian firm said in a press statement today.
A potential transaction hinges on the signing of a definitive sale agreement.
Eni noted further in the statement that Enilive has attracted strong interest from investors and it could also consider a sale of an additional stake of up to 10% in the unit.
Enilive is focused on biorefining, biomethane production and smart mobility solutions, including Enjoy car sharing. It also operates a network of more than 5,000 Enilive filling stations in Europe offering, among others, HVOlution biogenic fuel, bio-LPG and biomethane.
The business is seeking to double its biorefining capacity to more than 3 million tonnes per year by 2026 and achieve more than 5 million tonnes annually by 2030.
(EUR 1 = USD 1.089)
Italy's Eni seeking to sell more of Plenitude's shares - report
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