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Eni (E) Nears 8B Euros Plenitude Deal With EIP for Renewables Push
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Eni SpA (E - Free Report) , Italy's leading energy company, is reportedly in the final stages of negotiations with Zurich-based Energy Infrastructure Partners AG (EIP) for the sale of just under 10% stake in its Plenitude renewables unit, per a Bloomberg report.
According to the report, the deal is estimated to be valued at around €750 million ($800 million), with an overall valuation of the Plenitude unit set at approximately €8 billion. While the talks are said to be nearing a conclusion, a definitive decision has not been reached yet. The potential deal could be officially announced by the end of the month, marking a significant development in Eni's strategic moves in the renewable energy sector.
Eni initiated discussions with EIP earlier this year as part of its efforts to secure a partner for the Plenitude unit ahead of a planned future stock market listing. Plenitude, the renewable energy arm of Eni, is engaged in selling energy to households and businesses, renewable power production and the operation of electric vehicle charging stations. The unit caters to approximately 10 million retail clients across Europe and operates in 15 countries globally.
The sale of this stake is seen as a strategic move for Eni, enabling the company to solidify the unit's value and inject additional capital for future investments. This transaction could also pave the way for an initial public offering (IPO) as early as next year. Eni's chief executive officer Claudio Descalzi confirmed the ongoing talks in late September, acknowledging potential suitors for a stake in Plenitude.
Both Eni and EIP representatives have declined to comment on the matter, maintaining a level of confidentiality around the negotiations.
The plan to list Plenitude on the Euronext Milan exchange was delayed last year due to the energy crisis gripping Europe. However, Eni remains committed to moving forward with the IPO when market conditions are deemed favorable, with a tentative timeline set for 2024, according to Descalzi.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provide revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
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Eni (E) Nears 8B Euros Plenitude Deal With EIP for Renewables Push
Eni SpA (E - Free Report) , Italy's leading energy company, is reportedly in the final stages of negotiations with Zurich-based Energy Infrastructure Partners AG (EIP) for the sale of just under 10% stake in its Plenitude renewables unit, per a Bloomberg report.
According to the report, the deal is estimated to be valued at around €750 million ($800 million), with an overall valuation of the Plenitude unit set at approximately €8 billion. While the talks are said to be nearing a conclusion, a definitive decision has not been reached yet. The potential deal could be officially announced by the end of the month, marking a significant development in Eni's strategic moves in the renewable energy sector.
Eni initiated discussions with EIP earlier this year as part of its efforts to secure a partner for the Plenitude unit ahead of a planned future stock market listing. Plenitude, the renewable energy arm of Eni, is engaged in selling energy to households and businesses, renewable power production and the operation of electric vehicle charging stations. The unit caters to approximately 10 million retail clients across Europe and operates in 15 countries globally.
The sale of this stake is seen as a strategic move for Eni, enabling the company to solidify the unit's value and inject additional capital for future investments. This transaction could also pave the way for an initial public offering (IPO) as early as next year. Eni's chief executive officer Claudio Descalzi confirmed the ongoing talks in late September, acknowledging potential suitors for a stake in Plenitude.
Both Eni and EIP representatives have declined to comment on the matter, maintaining a level of confidentiality around the negotiations.
The plan to list Plenitude on the Euronext Milan exchange was delayed last year due to the energy crisis gripping Europe. However, Eni remains committed to moving forward with the IPO when market conditions are deemed favorable, with a tentative timeline set for 2024, according to Descalzi.
Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) , and Oceaneering International, Inc. (OII - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provide revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all the phases of the offshore oilfield lifecycle. Oceaneering's strong relationship with high-quality customers provide revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.