RIYADH: Italian oil and gas major Eni approved the launch of a process for an Initial Public Offering (IPO) and listing of shares in its newly merged Gas&Power retail and renewables business (ENI R&R), the company said in a statement on Thursday.
An IPO is Eni’s preferred route to crystallize the value of the business and it plans to complete the transaction during 2022, subject to market conditions, according to Eni. It will retain a majority stake in the listed company.
The transaction will help Eni grow its retail and renewables business and provide investors with greater visibility of the value of the unit, the company said in the statement.
Eni R&R will be financially independent with its own balance sheet and an investment grade credit rating, allowing it to access debt at competitive costs and fund growth.
