Eni and Kkr have signed the contract for Kkr’s entry into 25% of the share capital of Enilive. The agreed total consideration is equal to 2.938 billion euros, to be paid through: the subscription of a capital increase in Enilive reserved for KKR equal to 500 million euros; the purchase of Enilive shares from Eni against the payment of 2.438 billion euros, corresponding to a post-money valuation of 11.75 billion euros in terms of Equity Value for 100% of Enilive’s share capital. The agreement also provides that before the completion of the operation Eni will carry out a capital increase of 500 million euros to eliminate the net financial position.
The transaction combines Eni’s ability to develop high-growth energy businesses with KKR’s experience as a long-term investor with a solid track record in the energy and infrastructure sectors, further contributing to Enilive’s growth. Furthermore, the investment optimizes Eni’s capital structure, reducing its net financial position and maintaining the consolidation and control of Enilive with Eni.
The operation represents a significant development of Eni’s satellite model, which aims to create the conditions for independent growth of high-potential businesses, guaranteeing access to new pools of strategic capital and highlighting their actual value of the market. The operation also confirms the effectiveness of Enilive’s distinctive integrated model and at the same time strengthens its financial structure.
“This agreement represents a new and important step forward in our business strategy linked to the energy transition”, declared Claudio Descalzi, CEO of Eni. And he explained: “Enilive, together with Plenitude, is fundamental to our commitment to providing decarbonised energy solutions and progressively reducing emissions generated by the end use of our products: both companies have encountered great interest from international partners of front and achieved important market ratings, and this means that there is appreciation for how we are tackling the energy transition. And we believe that to face it successfully this is the right path: creating low or zero carbon businesses that respond to demand real and existing energy products and grow independently, due to the success of their models and products. With the support of KKR – concluded Descalzi – Enilive is in a position to enhance its ambitious growth plans and will continue to do so. offering real and scalable solutions linked to the energy transition”.
“We are pleased with this strategic collaboration with Eni through the investment in Enilive, a key player in the energy transition” is the comment of Alberto Signori, partner of the European Infrastructure team of KKR, who added: “This operation aligns perfectly with the Our vision to support transformative projects in the energy sector in Europe. With our global investment platform dedicated to the world of infrastructure and local expertise, we are ready to support Enilive in accelerating its impact in the decarbonisation of transport and expanding internationally. We are excited to contribute to the company’s growth and success.”