KKR (KKR) has agreed to acquire a 25% stake in Eni's (E) Enilive unit for about 2.94 billion euros ($3.18 billion), Eni said Thursday.

The deal will be funded through the subscription of a capital increase in Enilive reserved to KKR of about 500 million euros and the acquisition of Enilive's shares from Eni for a value of about 2.44 billion euros, corresponding to a post-money valuation of 11.75 billion euros for Enilive, Eni said.

Separately, KKR said it is investing in Enilive through its Global Infrastructure Strategy.

The deal's closing is subject to regulatory approvals, the companies said.

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