Italian energy giant Eni is gearing up for significant financial moves, expecting to rake in €2.5 billion ($2.7 billion) from asset disposals in 2025. Chief Transition & Financial Officer Francesco Gattei made the announcement during a conference call on Friday.
This follows Eni’s recent agreement with U.S. investment group KKR to sell a 25% stake in its biofuel unit, Enilive, for €2.9 billion. This sale is part of Eni’s broader strategy to divest high-growth potential businesses to finance its ambitious plans to reduce greenhouse gas emissions.
Gattei revealed that the company anticipates generating €3.6 billion in cash from sales this year and is on track for additional disposals next year. He noted that Eni might consider selling a second stake in Enilive, although it would likely be less than 10%.
Recent reports indicate that U.S. funds Stonepeak and Apollo are in discussions with Eni regarding this potential sale. Eni is also exploring options for selling a stake in its carbon capture and storage (CCS) business, with Gattei mentioning that several interested investors are currently in talks.
Moreover, Eni is considering selling a second stake in its retail and renewable energy unit, Plenitude, as well as in bio-plastic company Novamont. Reports suggest that Apollo and Norway’s private equity firm HitecVision are among the potential buyers for Plenitude after Swiss asset manager Energy Infrastructure Partners acquired a 7.6% stake in the unit earlier this year.
Additionally, Gattei hinted at ongoing negotiations to find a partner for a recent upstream discovery, although he did not provide further details.
Shares of Eni saw a 1.4% increase on Friday, bolstered by the announcement of an expanded share buyback program worth €2 billion following better-than-expected third-quarter results.
As Eni navigates this transformative phase, the company is setting the stage for a strong financial future while reinforcing its commitment to sustainability.
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