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Eni sells its 10% stake in Saipem valued at 393 million euros

The decision to sell is part of Eni's strategy to manage its debt and protect its core business activities.

Joshua Falcón.

Published: June 12, 2024

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Italian oil and gas multinational Eni has decided to divest a 10% stake in Saipem and its oil services, through a transaction valued at 393 million euros (422.48 million dollars).

Saipem’s valuable participation

In order to expedite the transaction, the sale was completed through an accelerated book-building process on June 11, 2024, and the transaction is expected to close definitively on June 14. However, Eni’s interest in Saipem has been reduced to approximately 21.19%. Of this percentage, 12.5% is subject to a shareholder agreement with CDP Equity, a subsidiary of the Italian state-owned lender CDP.

The decision to sell is part of Eni’s strategy to manage its debt and focus on its core business activities. The company projects net revenues of €8 billion by 2027. In addition, the share placement was facilitated by a consortium of banks, including Citigroup, Goldman Sachs International was facilitated by a consortium of banks, including Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit, and was aimed at institutional investors.

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Within the framework of the agreement with the joint bookrunners, Eni has committed to a 180-day lock-up period. During this time, the company will not be able to sell additional Saipem shares, except for the usual market exceptions and possible exemptions by brokers.

Saipem’s projects

Saipem organized a restructuring that included a capital increase, an operational review and management changes. The company recently won three contracts worth a total of US$3.7 billion, awarded by a TotalEnergies subsidiary, on the Kaminho project offshore Angola.

These contracts awarded by TotalEnergies EP Angola Block 20 cover the development of the Cameia and Golfinho oil fields, including the construction and operation of a floating production storage and offloading vessel and a comprehensive subsea infrastructure package.

Last month, Italy’s Treasury sold a 2.8% stake in Eni, raising nearly €1.4 billion. This sale reduced the Italian government’s stake in the oil and gas company from 4.8% to 2%.

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Source: Eni

Photo: Saipem