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Eni Signs Exclusivity Agreement With KKR On Enilive Stake Sale

ENERGY SECTOR

Rating: Baa1/A-[N]/A-

  • Eni have signed a temporary exclusivity agreement with KKR for a 20%-25% stake in it’s sustainable mobility brand Enilive, valuing the company at €11.5B-€12.5B. Final transaction pending definitive documentation; both parties negotiating terms.
  • Eni note a potential future sale of an additional 10% stake in Enilive due to strong institutional investor interest.
  • Looks to be part part of the company's plan to hive off up to EUR 8bN of assets (front-loaded) in 2024-27.

  • Transaction seems to have potential proceeds of EUR 2.3-3.125bn based on the above valuation and stake sizes (or EUR 3.45-4.375bn if including the additional 10% stake).
  • FY23 net borrowings stood at EUR 11bn with the company-reported leverage ratio (net borrowings to s/h equity) at 20% against a 2024 CMD-stated expectation of 15-25% from 2024-2027, up from 15-20% at the prior CMD.
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