KKR Boosts Stake in Enilive as Eni Pursues Disposals

In a strategic move that aligns with its global infrastructure strategy and energy transition focus, KKR has increased its stake in Enilive, the mobility transformation and biofuels-focused business of Italian energy major Eni. The investment, valued at €2.94 billion (USD$3.2 billion), represents a significant step in KKR's commitment to supporting transformative energy projects across Europe and decarbonizing transportation.

Enilive, launched in 2023, offers integrated services and products that are progressively decarbonized by 2050, converging Eni's mobility activities, including biorefining and biomethane assets, and smart mobility solutions. With KKR's support, Enilive is poised to capitalize on its ambitious growth plans and continue delivering real, scalable energy transition solutions.



Eni's CEO, Claudio Descalzi, expressed his enthusiasm for the partnership, stating, "With KKR's support, Enilive is poised to capitalize on its ambitious growth plans and continue delivering real, scalable energy transition solutions." This strategic alliance enables Enilive to scale its impact in decarbonizing transportation and expand internationally, while KKR gains exposure to a high-growth energy business focused on mobility transformation and biofuels.

The transaction also fits into Eni's "satellite model strategy," allowing the company to attract capital from partners like KKR to fund the growth of high potential businesses, such as Enilive, while preserving free cash flow from traditional businesses for shareholder distribution. By selling a 5% stake in Enilive to KKR for 587.5 million euros, Eni optimizes its capital structure, reduces its net financial position, and ensures it retains consolidation and control of Enilive.

In conclusion, KKR's increased stake in Enilive aligns with its global infrastructure strategy and energy transition focus, while Eni's "satellite model strategy" enables the company to create independent growth opportunities for its high potential businesses. This strategic partnership benefits both parties, with KKR gaining exposure to a high-growth energy business and Eni optimizing its capital structure and supporting Enilive's growth plans.