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.

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.

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,

The financial and operational restructuring for Enilive and Versalis involves new capital for both units and a farm-out of a quarter of Enilive's equity.

Eni & KKR shares up premarket as KKR acquires 25% stake in Enilive for $3.172B, improving Eni's capital structure and supporting energy transition.

KKR’s infrastructure arm is acquiring a 25% stake in a €11.8bn biorefining business owned by Italian multinational energy firm Eni. KKR’s global infrastructure strategy has agreed to acquire a quarter interest in Enilive in a deal that involves a €500m subscription of a capital increase in Enilive and the purchase of €2.4bn of shares from Eni.

Italian oil major Eni has completed a minority stake sale of its biofuels business to private equity investor KKR for nearly €3 billion ($3.3 billion), the company said on Thursday. As part of the agreement,

The Italian energy major is selling a 25% stake in its biorefining company Enilive to New York-based private equity firm KKR & Co. for $3.2 billion.

Italian energy group Eni said on Thursday that U.S. fund KKR would take a 25% stake in Enilive, in a deal that values the entire biofuel unit at 11.75 billion euros ($12.68 billion). The agreed consideration for the stake is 2.