Eni Negotiates Enilive Stake Sale with KKR, Valuing Unit Up to $13.5 Billion

Italian energy giant Eni has entered an exclusivity agreement with private equity investor KKR to negotiate the sale of a 20% to 25% stake in its mobility transformation and biofuels-focused unit, Enilive. The potential transaction would value Enilive between €11.5 billion and €12.5 billion (USD $12.5 – $13.6 billion).

Eni launched the Enilive brand in 2023, aiming to offer integrated, decarbonized services and products by 2050. Enilive combines Eni’s mobility activities, including biorefining and biomethane assets, smart mobility solutions, and the distribution of mobility energy carriers through more than 5,000 Enilive Stations across Europe. Eni has ambitious plans for Enilive, targeting more than doubling its biorefining capacity from 2023 to 2026, reaching over 3 million tons, and aiming for over 5 million tons per year by 2030.

This potential transaction aligns with Eni’s “satellite model strategy,” which seeks to attract capital from partners to fund growth and showcase the value of its new businesses, while maintaining free cash flow from traditional operations for shareholder distributions.

For KKR, this acquisition would be another significant move in its series of energy transition and sustainable infrastructure-focused transactions. In December 2023, KKR identified decarbonization and the large-scale “brown-to-green” transition of asset-heavy sectors as key investment themes driving future opportunities.