Eni is looking to sell a stake in its biorefining and smart mobility subsidiary Enilive for billions of dollars, attracting investment from KKR and potentially others.
Italian energy major Eni said on Tuesday it had signed an exclusivity agreement with investment firm KKR to proceed with the due diligence phase in a potential sale of 20-25% in its biorefining and smart mobility solutions provider Eni live, based on a valuation of the company of between $12.5 billion 11.5 billion euros and $13.6 billion 12.5 billion euros.
The Italian major is divesting or creating joint ventures to operate oil and gas assets internationally while grouping some low-carbon initiatives and projects into separate firms. Key to these spin-offs and the so-called ‘satellite strategy’ are the separate balance sheets of the companies.
Enilive Biorefining Smart Mobility KKR Green Energy Investment Satellite Strategy Divestment Renewable Energy
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