Italy’s Eni in talks to sell minority stake in biofuels unit to KKR.
👉 Italian oil and gas major $ENI.MI (Eni Energy Company) has inked a temporary exclusivity agreement on the sale of a minority stake in its biofuels subsidiary Enilive to US private equity firm $KKR (KKR & Co LP) .
👉 The parties are negotiating the sale of a shareholding of 20% to 25% in Enilive at a valuation for the whole business of between €11.5 billion and €12.5 billion, the Italian firm said in a press statement. A potential transaction hinges on the signing of a definitive sale agreement.
👉 Eni noted further in the statement that Enilive has attracted strong interest from investors and it could also consider a sale of an additional stake of up to 10% in the unit.
👉 Enilive is focused on biorefining, biomethane production and smart mobility solutions, including Enjoy car sharing. It also operates a network of more than 5,000 Enilive filling stations in Europe offering, among others, HVOlution biogenic fuel, bio-LPG and biomethane.
👉 The business is seeking to double its biorefining capacity to more than 3 million tonnes per year by 2026 and achieve more than 5 million tonnes annually by 2030.
Read more ❓ renewablesnow.com/news/eni-in-talks-to-sell-minority-stake-in-biofuels-unit-to-kkr-864155/
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