Eni speeds up times in terms of disposals of the so-called satellite company, in particular enilive e Novamont, which could be completed within the year.
The sale of approximately 10% is expected for Enilive
Eni has started preliminary discussions with industrial funds and investors to find a partner interested in one participation up to 10% in the biofuels division enilive for a value of around 1,3 billion euros, according to some industrial and financial sources interviewed by Reuters. Enilive is the sustainable mobility newco, which has already attracted the attention of potential investors especially thanks to the production capacity of the green fuel for planes, Saf (Sustainable Aviation Fuel). Eni could consider the idea of list Enilive in a second phase, through an IPO or a spin-off, depending on market conditions and the needs of the group. Enilive groups together multi-fuel service stations and biorefineries in Italy and abroad. In its 2024-2027 plan, Eni expects the division's "core" profits to rise to 1,2 billion euros in 2025 compared to the XNUMX billion euros forecast for this year.
Eni would like to sell a stake of up to 30% in Novamont
The other news concerns the Piedmontese Novamont, which Eni controls through its subsidiary Versalis, a world leader in the production of bioplastics. For this company Eni is in negotiations to sell one share up to 30% which could be valued at around 1 billion euros, including debt.
Eni has already opened negotiations with two investors, according to MF: the investment fund Blackstone, one of the largest in the world, and the Norwegian fund HitechVision, already a partner of Eni in the two joint ventures Vår Energi, now listed on the Oslo stock exchange, and Vårgrønn, specialized in offshore wind power. HitecVision had also been attributed an interest in a minority stake in another Eni satellite company, Plenitude, where the Eip fund then entered as a minority shareholder, acquiring 7,6% through a capital increase of 588 million euros.
The divestment of satellite companies is one of Eni's pillars
These initiatives are part of the most broad strategy of the group to create separate entities, called companies "satellite“, which can draw on specialized investors, helping Eni to finance greener activities without taking resources away from oil and gas activities. The valorisation of satellite companies is one of the pillars of the Eni plan updated to 2027, in which an estimated 8 billion euros of proceeds are generated by the active management of the portfolio. In addition to Plenitude and Enilive, the two upstream companies, Var Energi in Norway (listed on the Oslo stock exchange) and Azule Energy in Angola (2/XNUMX joint venture with BP) are classified as satellites. Eni's CEO, Claudio Descalzi, has two more in the pipeline, one for CCS (COXNUMX Capture and Storage), the other for Biochemistry, both to be established within the plan period.
