Italian oil and gas giant Eni SpA has entered into a temporary exclusivity agreement to sell a minority stake in its biofuels subsidiary, Enilive, to US private equity firm KKR & Co Inc. The negotiations involve selling a 20% to 25% share in Enilive, valuing the entire business between EUR 11.5 billion and EUR 12.5 billion.

The potential deal is contingent on the signing of a definitive sale agreement. Eni also mentioned that Enilive has garnered significant interest from investors and may consider selling an additional 10% stake.

Enilive specializes in biorefining, biomethane production, and smart mobility solutions, including the Enjoy car-sharing service. It operates over 5,000 filling stations across Europe, offering HVOlution biogenic fuel, bio-LPG, and biomethane.

The company aims to double its biorefining capacity to over 3 million tonnes per year by 2026 and exceed 5 million tonnes annually by 2030.