Energy, Blackstone and Kkr in the running for a stake in Enilive
Eni is currently negotiating with two major US investment funds to acquire a stake in Enilive, its division dedicated to biofuels and sustainable initiatives. Among the contenders are Blackstone, and Kkr, which has just completed the acquisition of Tim’s network. Both funds have a solid presence in the Italian market, with Blackstone also having invested significantly in Autostrade.
As reported by Corriere della Sera, Eni’s goal is to attract these investors to support Enilive in the creation of a new industrial plan. In reality this approach is part of a broader financial and industrial reorganization led by CEO Claudio Descalzi, aimed at maximize the potential of the group’s various activities. A concrete example of this strategy is the success achieved with Plenitude, Eni’s subsidiary in the renewables sector, which saw a significant increase in participation by the Swiss fund Eip through a capital increase of 700 million euros.
On the other hand, Enilive does not limit itself to the production of biofuels but also manages 22 biomethane plants, controls the Enjoy car sharing service and owns 5,000 filling stations. In 2023, the company reported a profit margin of more than 1 billion euros, with forecasts indicating a further increase to 1.6 billion by 2027. Considering these results and the valuation multiples applied to Plenitude, Enilive could be valued at even more than 10 billion euros.
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