E - Eni discussing stake sale in green unit with Norwegian fund - report

Eni ( NYSE: E ) is discussing a potential sale of a 5%-10% stake in its Plenitude retail and renewables unit with Norwegian private equity firm HitecVision, Reuters reported Wednesday.

After freezing plans for an IPO last summer which it could resume in the future, Eni ( E ) is said to have been looking for a partner for its Plenitude business; at the time, RBC analysts valued Plenitude at as much as €8.4B (~$9.15B), including debt.

The sale of a minority stake would give Eni ( E ) sufficient cash to keep growing Plenitude and set a value for the unit ahead of a potential IPO, according to the report.

Eni ( E ) has said it expected the unit would amass core earnings of more than €600M for 2022.

Eni ( E ) continues to trade at a "depressed" valuation, Mare Evidence Lab writes in an analysis published on Seeking Alpha .

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