Meed | Eni sells 10% stake in Saipem for $422m

Eni sells 10% stake in Saipem for $422m

25 June 2024

Italian oil and gas producer Eni has divested a 10% interest in energy industry contractor Saipem, in a deal valued at €393m ($422.5m).

The sale occurred using an accelerated bookbuilding process on 11 June, with the transaction concluding on 14 June.

Following the transaction, Eni’s holding in Saipem has been reduced to approximately 21.19%, with 12.5% tied up in a shareholders’ agreement with CDP Equity, a subsidiary of Italian state lender CDP.

The stake divestment in Saipem aligns with Eni’s plans to manage debt and concentrate on its primary business activities, targeting net proceeds of €8bn by 2027.

A consortium of banks including Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit facilitated the placement, targeting institutional investors.

As part of the agreement with the joint bookrunners, Eni has committed to a 180-day lock-up period, during which it will not sell additional Saipem shares, subject to customary market exceptions and potential waivers by the joint bookrunners.

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Indrajit Sen