Eni Sells 10% of Saipem for $420M

(Credit: Saipem)
(Credit: Saipem)

Italian oil giant Eni has completed the sale of 10% of the share capital of Saipem, securing a little over $420 million (€393 million) in proceeds.

The settlement of the transaction will take place on June 14, 2024, Eni sad.

Following the placement, carried out through an accelerated bookbuilding aimed at institutional investors, Eni has retained approximately 21.19% of the share capital in Saipem, a major Italian offshore services firm.

Out of 21.19%, approximately 12.5% are covered by the shareholders’ agreement with CDP Equity.

In the context of the transaction, Eni agreed with the Joint Bookrunners not to sell additional shares of Saipem on the market for a period of 180 days, subject to waiver by the Joint Bookrunners and customary exceptions in line with market practice.

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