KKR Boosts Stake in Eni's Biofuel Business

KKR & Co., a leading global investment firm, has announced its decision to acquire an additional 5% stake in Eni's biofuel business, Enilive. This strategic move aligns with KKR's global infrastructure strategy and commitment to Italy, further solidifying its presence in the European energy sector.

Eni, the Italian integrated energy company, and KKR initially signed an agreement in October 2024, with KKR acquiring a 25% stake in Enilive for €2.94 billion. The latest transaction, valued at €587.5 million, brings KKR's total stake in Enilive to 30%. The deal is subject to regulatory approvals and is expected to close by next month.

Enilive, a mobility transformation company, focuses on biorefining, biomethane production, smart mobility solutions, and services for people on the move. Its offerings are progressively decarbonized, supporting Eni's goal of achieving carbon neutrality by 2050. The company's network of over 5,000 stations across Europe provides integrated services and products, contributing to a sustainable mobility transformation.

KKR's investment in Enilive aligns with its global infrastructure strategy, which focuses on investing in essential assets that provide long-term, stable cash flows. The firm's commitment to Italy is further reinforced by this transaction, following its recent acquisition of Telecom Italia's fixed-line network to create FiberCop, the most extensive Italian broadband network. KKR is making the investment through its Global Infrastructure Strategy, which currently manages over $73 billion in infrastructure assets.

Eni's CEO, Claudio Descalzi, commented on the agreement, stating, "This agreement marks a significant further step in our business strategy related to the energy transition. Enilive, alongside Plenitude, is central to our commitment to providing decarbonized energy solutions and progressively reducing emissions from the end use of our products. Both companies have attracted significant interest from leading international partners and achieved high market valuations, which indicates that our approach to the energy transition is appreciated. We believe that the right path to successfully address the transition entails the creation of low or zero-carbon businesses that respond to a real and existing demand for energy products and that grow independently thanks to the success of their business models and products."

Enilive's CEO, Stefano Ballista, welcomed the investment, stating, "We are pleased with the entry of a significant partner like KKR into Enilive, who will ensure a strong support to our relevant growth path and in the transition towards an increasingly decarbonized offering for sustainable mobility."

Alberto Signori, Partner in KKR's European Infrastructure team, expressed the firm's enthusiasm for the investment, stating, "We are thrilled to strategically partner with Eni on this investment in Enilive, a key player in advancing the energy transition. This aligns with our strategy to support transformative energy projects across Europe."

The transaction brings together Eni's proven ability to develop high-growth energy businesses and KKR's expertise as a long-term investor with a strong track record in the energy and infrastructure sectors. The investment enhances Eni's capital structure, reducing its net financial position while ensuring that Eni retains consolidation and control of Enilive. The transaction represents a significant development of Eni's satellite model, aimed at creating the conditions for independent growth of high potential businesses, granting access to new pools of aligned capital and providing visibility into their fair market value.



In conclusion, KKR's additional investment in Eni's biofuel business, Enilive, aligns with its global infrastructure strategy and commitment to Italy. The transaction enhances Eni's capital structure, supports Enilive's growth prospects, and reinforces both companies' commitment to the energy transition and sustainable mobility.