Eni Plans €2 Billion Overhaul of Chemicals Business, Sells 25% Stake in Enilive to KKR for €2.938 Billion

Oct 24, 2024, 05:34 AM

Eni has announced a €2 billion plan to overhaul its aging chemicals business in Italy, shifting from fossil fuel-based products to decarbonized options. In a related move, Eni has signed an agreement with KKR, which will acquire a 25% stake in Eni's biofuel unit, Enilive, for €2.938 billion. This transaction will be funded through the purchase of Enilive’s shares from Eni for €2.438 billion, resulting in a post-money valuation of €11.75 billion for Enilive's share capital. The closing of this transaction is subject to customary legal approvals. KKR's investment is aimed at accelerating sustainable mobility and the energy transition.