Eni to Invest €2 Billion in Chemicals Overhaul, Sells Enilive Stake to KKR for €2.938 Billion, Bloomberg News Reports

Oct 24, 2024, 05:57 AM

Eni is set to invest €2 billion to overhaul its aging chemicals business in Italy, shifting from fossil fuel-based products to decarbonized options. According to Bloomberg News, Eni has signed an agreement with KKR & Co to sell a 25% stake in its biorefining unit, Enilive, for €2.938 billion. The transaction, funded through the purchase of Enilive’s shares from Eni for a value of EUR 2.438 billion, values Enilive's share capital at €11.75 billion. This move is aimed at accelerating Eni's sustainable mobility and energy transition efforts. The deal is subject to customary approvals.