Eni takes another step forward in valuing its satellite model and signs the contract with KKR for the introduction of US funds to 25% of the share capital of Enilive, a major plant the organization’s green movement. Kkr will pay a consideration of 2.9 billion euros which will be paid in two steps. The first is a capital increase subscription in Enilive reserved for a 500 million euro fund. The next step, however, is the purchase of Enilive shares from Eni against the payment of 2.438 billion euros, according to a valuation of 11.75 billion euros in terms of equity value for 100% of Enilive’s share capital. The agreement also provides that, before the work is completed, Eni will carry out a capital increase of 500 million euros to eliminate the net financial position.
Advantages of the operation
The transaction combines Eni’s ability to develop high-growth energy businesses with KKR’s experience as a long-term investor with a strong track record in the energy and infrastructure sectors, contributing to Enilive’s growth. In addition, the investment optimizes Eni’s capital structure, reduces its net financial position and maintains the consolidation and control of Enilive in the hands of Eni.
Evaluation of the satellite model
The operation represents, as mentioned, an important development of Eni’s satellite model, which aims to create conditions for the independent growth of businesses with high potential, guaranteeing access to new pools of strategic capital and clarifying the true market value. The operation also confirms the effectiveness of Enilive’s unique integrated model and at the same time strengthens its financial structure.
Descalzi: a new and important step forward in our strategy
«This agreement represents a new and important step forward in our business strategy linked to the energy transition – said the CEO of Eni, Claudio Descalzi -. Enilive, together with Plenitude, is fundamental to our commitment to providing decarbonized energy solutions and gradually reducing emissions resulting from the use of our end products: both companies have met with great interest from major international partners and have achieved assessments important market trends, and this means. that how we deal with the energy transition is appreciated.”
The CEO: the right path for a green transition is to focus on low or zero carbon industries
According to the CEO, “the right way” to face the energy transition “successfully” is to create “low or zero carbon industries that respond to real and current demand for energy products and grow or -dependent, based on the success of their models and products. With the support of KKR, Enilive is able to develop its ambitious growth plans and will continue to offer real and scalable solutions related to energy transition. “
2024-10-24 05:56:00
#Eni #sells #Enilive #green #transition #plant #fund #KKR #Descalzi #important #step
