US fund KKR has signed an agreement to acquire a 25% stake in Italian energy giant Eni's biofuel subsidiary, Enilive, for a consideration of €2.93bn ($3.17bn).

Ares Management Corp. and a group of banks is funding KKR & Co.’s buyout of a minority stake in Italy’s Enilive.

U.S. fund KKR is buying a 25% stake in Italian energy group Eni's biofuel business Enilive, in a deal that values the unit at 11.75 billion euros ($12.7 billion) including debt. KKR's 2.94 billion euro purchase improves Eni's financial position while ensuring it retains control of Enilive,

Eni (NYSE:E) said Thursday it agreed to sell a 25% stake in its Enilive biorefining company Enilive to KKR (KKR) for €2.94B (~$3.17B), giving the division a valuation of €11.75B, and will inject €500M into the unit to make it debt-free.

Eni Partners with KKR on Enilive Stake Sale Italian energy giant Eni announced on Thursday that KKR, a prominent U.S. investment firm, will acquire a 25% stake in its biofuel division, Enilive, in a transaction