Italian energy giant Eni (E, Financial) is progressing with its plan to sell €8 billion ($8.4 billion) in assets by 2027. As part of this strategy, U.S. investment firm KKR (KKR) is increasing its stake in Eni's subsidiary, Enilive, to 30%. KKR will acquire an additional 5% of Enilive for €587.5 million, valuing the unit at €11.75 billion. This follows KKR's initial acquisition of a 25% stake in Enilive last October, with the current transaction expected to complete soon.
Enilive specializes in smart mobility solutions, including biorefining, biomethane production, and car-sharing services. Eni's CEO, Claudio Descalzi, has implemented a comprehensive asset strategy known as the "satellite model," which involves divesting entire departments or collaborating with external investors. In line with this strategy, Eni sold a stake in its renewable energy subsidiary, Plenitude, to Energy Infrastructure Partners AG last November, raising the Swiss infrastructure group's holding to 10%.
