KKR Invests €2.94 Billion in Enilive, Eni's Sustainable Mobility Unit

Global investment firm KKR signed an agreement to acquire a 25% stake in Enilive for €2.94 billion ($3.2 billion) inclusive of debt. Enilive is Eni’s mobility transformation company. This deal values Enilive at €11.75 billion and marks a significant investment in the energy transition sector.

In a company press release, KKR stated that this €2.94-billion investment will improve Eni’s financial condition and ensure that KKR maintains control of the company.

The transaction will involve a €500 million capital increase for Enilive, specifically reserved for KKR, along with the sale of Eni's shares in Enilive for €2.438 billion.

Before the deal finalizes, Eni will contribute €500 million to Enilive, ensuring the company is debt-free. Although, the deal is subject to customary regulatory approvals.

Enilive is a key player in the energy transition business and is focused on biorefining, biomethane production, smart mobility solutions, and providing services for people on the move. This investment aligns with Eni's broader goal of achieving carbon neutrality by 2050.

Enilive provides services for people on the move through its network of over 5,000 stations across Europe. The company aims to offer progressively decarbonized solutions to support a sustainable mobility transformation, aligning with Eni's goal of achieving carbon neutrality by 2050.

The company’s CEO, Stefano Ballista, welcomed the investment. "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,” he said.

KKR's strategic partnership will provide Enilive with crucial support for growth, as highlighted by Alberto Signori, Partner in KKR's European Infrastructure team. "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. With our global infrastructure platform and local expertise, we're excited to help Enilive scale its impact in decarbonizing transportation and expand internationally,” he said.

KKR has been active in Italy since 2005 and recently completed a deal to acquire Telecom Italia’s fixed-line network.

This investment reinforces KKR's commitment to Italy, following their 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.