KKR increases stake in Enilive with additional €587.5 million investment

Global investment firm KKR has expanded its stake in Enilive, following a new agreement with Eni that will see KKR acquire an additional 5% of Enilive’s share capital. The transaction, valued at €587.5 million, raises KKR’s total stake in Enilive to 30%, while Eni maintains control and consolidation of the company.

This latest investment aligns with the initial agreement signed last October, under which KKR is set to acquire a 25% stake in Enilive. That transaction, based on a post-money valuation of €11.75 billion for Enilive’s total equity, is expected to be finalised next month. The additional investment by KKR follows the same valuation structure and further optimises Eni’s capital framework.

KKR's increased involvement is backed by leading international co-investors, including major global pension funds. This move underscores the market's confidence in Enilive’s business model, which is dedicated to offering integrated services and progressively decarbonised products in the sustainable mobility sector.

The agreement also highlights the effectiveness of Eni’s satellite strategy, which attracts external capital to specific business units, allowing for their independent expansion while enhancing visibility into their fair market value.

The completion of KKR’s additional 5% stake acquisition remains subject to regulatory approvals from the relevant authorities.

Francesco Gattei, Chief Transition & Financial Officer of Eni, emphasised the strategic significance of KKR’s investment, stating: "KKR's additional investment confirms the attractiveness of Enilive to the market. Enilive is a solid and growing company, with an important financial partner, and it will play a crucial role in reducing emissions generated by the end use of our products, which is a key aspect of our path to Net Zero by 2050."

Gattei further noted that Eni will continue to enhance its energy transition businesses, making them increasingly valuable and attractive to both industrial and financial partners, thus accelerating their growth in support of global decarbonisation efforts.

As Eni and KKR strengthen their collaboration, Enilive is poised to expand its role in the sustainable mobility landscape, leveraging strategic investments to drive innovation and emissions reduction.