Milan — Italian energy group Eni has intensified talks with several investors over a potential sale of a minority stake in its renewables and retail business Plenitude, three sources with knowledge of the matter said on Wednesday.
Two of the sources said that Eni is working on a disposal of between 5% and 15% of Plenitude and could even do a deal before Italy’s summer break, which is normally in August.
Plenitude, which last year recorded an adjusted operating profit of 345 million euros, could be valued at more than 6 billion euros ($6.5 billion) in the private transaction, one of the sources said.
Eni declined to comment.
A sale of a small stake in Plenitude would give a value to the business, creating the conditions for a future listing.
Eni had to freeze an initial public offering (IPO) of Plenitude in June 2022 due to adverse market conditions but has not stopped talking with investors over a potential private sale of a stake.
A new attempt to list Plenitude could be launched at the end of this year or more probably in 2024, the sources said. (Reporting by Francesca Landini in Milan, Ron Bousso in London; Editing by Alexander Smith) – Reuters
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