Eni signs temporary exclusivity deal with KKR for stake sale in Enilive

Italy’s Eni has entered a temporary exclusivity agreement with investment firm KKR to advance the due diligence phase and complete the documentation for the partial stake sale in Enilive, Eni announced on July 23.

Eni plans to offload a 20% to 25% stake in Enilive, based on a valuation of the company between €11.5bn ($12.5bn)-€12.5bn. Enilive, Eni's subsidiary, is dedicated to biorefining, biomethane production, smart mobility solutions—including Enjoy car sharing—and the distribution of energy carriers for mobility through its over 5,000 Enilive stations in Europe.

“While a final transaction is subject to agreeing definitive documentation, both parties are committed to negotiating the terms of a potential transaction,” Eni stated.

The company also noted that the strong interest shown by institutional financial investors might lead to the subsequent sale of an additional stake of up to 10% of Enilive.