Italian oil and gas major Eni SpA has announced a temporary exclusivity agreement with US private equity firm KKR & Co Inc for the potential sale of a minority stake in its biofuels subsidiary, Enilive.
Under the preliminary agreement, the parties are discussing the sale of a 20% to 25% stake in Enilive. The valuation for the entire business is estimated between EUR 11.5 billion (USD 12.5 billion) and EUR 12.5 billion. A definitive sale agreement is yet to be finalized.
Eni also indicated that Enilive has garnered considerable interest from other investors and might explore the possibility of selling an additional 10% stake.
Enilive specializes in biorefining, biomethane production, and smart mobility solutions, including the Enjoy car-sharing service. The subsidiary operates a network of over 5,000 Enilive filling stations across Europe, offering various biofuels such as HVOlution biogenic fuel, bio-LPG, and biomethane.
The company aims to expand its biorefining capacity to over 3 million tonnes per year by 2026, with a long-term goal of exceeding 5 million tonnes annually by 2030.
