(Bloomberg) -- Eni SpA signed a deal with KKR & Co Inc to sell a minority stake in its biorefining unit Enilive in a push to finance its green transition.
The deal envisages the US investment firm taking 25% of Enilive for €2.94 billion ($3.17 billion), giving the division a valuation of €11.75 billion, according to a statement on Thursday. Eni said it will also inject €500 million in the unit — which comprises biorefining and biomethane assets as well as mobility solutions — to make it debt-free.
Eni’s new strategy started with the disposal of a minority stake in green division Plenitude to Energy Infrastructure Partners AG in 2023. The company’s so-called satellite model includes spinning off divisions and partnering with external investors, with a view to eventually listing them.
Shares of the company rose as much as 1.5% in Milan trading.
Eni, which reports results for the third quarter on Friday, is also in talks with investors including Snam SpA for a stake in a new carbon capture and storage division. It’s also planning to spend about €2 billion to overhaul its aging chemicals business in Italy as part of a shift away from fossil fuel-based products toward increasing use of decarbonized options.
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