Swiss asset manager Energy Infrastructure Partners AG (EIP) is in discussions to acquire a minority stake in Plenitude, the renewables arm of Italian oil and gas major Eni SpA (BIT:ENI), Reuters reported on Wednesday, citing unnamed sources.
Previously, the news agency reported that Eni plans to sell between 5% and 15% of Plenitude in a deal that could value the business at more than EUR 6 billion (USD 6.55bn).
The Italian company is in negotiations with several potential buyers and could reach an agreement before August.
In February, Eni was discussing a potential stake sale with Norwegian private equity firm HitecVision, but the talks fell apart.
The Italian oil and gas major still intends to make Plenitude public, after postponing an initial public offering (IPO) in 2022 due to unfavourable market conditions. Selling a stake in the subsidiary would assign a value to it, facilitating a smoother future listing, according to the report.
Plenitude integrates Eni’s renewables generation, power and gas retail business, and its e-mobility activities.
(EUR 1 = USD 1.092)
