Deals
Eni Sells Saipem Stake to Italy's FSI to Reduce Debt Burden
- Italian energy producer sells 12.5% of oil-services company
- Eni to recoup 6.5 billion euros from transaction with fund
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Eni SpA agreed to sell a stake in oil-services company Saipem SpA to Fondo Strategico Italiano SpA in an effort to get its debt off the balance sheet.
Eni, which owns 43 percent of Saipem, agreed to sell a 12.5 percent stake in the Milan-based company to FSI, an arm of state-controlled Italian lender Cassa Depositi & Prestiti, it said in a statement Wednesday. The oil and gas producer will collect about 6.5 billion euros ($7.2 billion) from the deal -- 6.1 billion euros from the repayment of Saipem’s debt and about 400 million euros for the value of the stake.