By Joshua Kirby

Eni SpA said Monday that it has reached an agreement to sell a 49% stake in subsidiary Enipower to investment company Sixth Street.

Eni will retain operational control of Enipower, which is the second-largest producer of electricity in Italy, the oil-and-gas company said.

The deal is part of Eni's strategy to free up resources for the energy transition, Eni's Chief Financial Officer Francesco Gattei said.

The agreement is subject to conditions including government regulatory approval, Eni said. The company didn't disclose the financial details of the stake sale.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

March 14, 2022 08:32 ET (12:32 GMT)

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