KKR Lifts Stake in Enilive as Energy Major Eni Pushes Disposals
KKR & Co. is raising its stake in Eni SpA's Enilive to 30%, as the Italian energy major pushes ahead with its plan to sell €8 billion ($8.4 billion) in assets through 2027.
The US investment firm, backed by international investors including pension funds, will buy an additional 5% in Eni's mobility unit for €587.5 million according to a statement, giving it an equity value of €11.75 billion.
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The Hill
4 hours ago
- The Hill
Yes, more and more celebrities are entering the phone business. Here's why
NEW YORK (AP) — More and more celebrities are looking to attach their names to your phone. Or rather, wireless services that could power it. From cosmetics to snacks and signature spirits, brands launched or co-owned by high-profile figures are just about everywhere you look today. But several big names are also venturing into the market for mobile virtual network operators — or MVNOs, an industry term for businesses that provide cell coverage by leasing infrastructure from bigger, more established carriers. U.S. President Donald Trump's family was the most recent to join the list with the launch of Trump Mobile this week. Here's what to know. On Monday, The Trump Organization (currently run by the president's sons Eric and Donald Jr.) unveiled Trump Mobile. The company says this new business will offer cell service, through an apparent licensing deal with 'all three major cellular carriers' in the U.S., and sell gold phones by August. Trump Mobile marks the latest in a string of new Trump-branded offerings — which already span from golden sneakers to 'God Bless the USA' bibles — despite mounting ethical concerns that the president is profiting off his position and could distort public policy for personal gain. 'This raises a real question about a conflict of interest,' said Ben Bentzin, an associate professor of instruction at The University of Texas at Austin's McCombs School of Business. As the sitting president, Trump appoints leadership for the Federal Communications Commission — and the family's new phone venture exists under this regulatory authority. All of this sets Trump Mobile apart from other big names that have recently ventured into the wireless business. Still, its launch arrives as a growing number of celebrities tap into this space. Just last week, actors Jason Bateman, Sean Hayes and Will Arnett launched SmartLess Mobile, a name that mirrors the trio's 'SmartLess' podcast. Now live across the contiguous U.S. and Puerto Rico, SmartLess Mobile runs on T-Mobile's 5G Network. Another wireless provider with ties to fame is Mint Mobile. While not launched by celebrities, Ryan Reynolds purchased an ownership stake in Mint in 2019. Mint's parent, the Ka'ena Corporation, was later acquired by T-Mobile in a deal worth up to $1.35 billion. Beyond names of famous people, well-known brands that weren't traditionally in the phone business have also got in on the action over the years — particuarly outside of the U.S., Forrester Research senior analyst Octavio Garcia Granados notes. He points to Walmart's 'Bait' mobile plan in Mexico, for example, as well as Italian soccer club AC Milan launching its own mobile SIM cards for fans. 'The MVNO market is not new,' said Garcia Granados. 'What's new is the development on how it's consumed and the (ease) for brands to launch such plans.' MVNOs have also emerged outside of high-profile brands or launch teams. Bentzin points to Straight Talk and Cricket — which are now owned by Verizon and AT&T, respectively. Still, traditional celebrity endorsements are common across the board. And in recent years, 'influencer marketing' has been 'the fastest growing area of advertising and promotion,' he notes. For Trump Mobile, the pitch seems to be all about having an 'all-American service' while also tapping into the fan base of the president. The company noted Monday that it chose to unveil Trump Mobile on the 10th anniversary of Trump launching 'his historic presidential campaign.' The name given to its flagship offer, The 47 Plan, and the $47.45 monthly fee make reference to the president's two terms. And a mock-up of the planned gold phone on the company's website shows Trump's 'Make America Great' slogan on the front screen. According to the company, Trump Mobile's 47 Plan will include unlimited calls, texts and data through partner carriers, as well as free roadside assistance and telehealth services. It also says the new phone, called the 'T1 Phone,' will be available for $499 in August — but notes that this device won't be designed or made by Trump Mobile. Still, the company emphasized that these phones will be built in the U.S. Experts have since shared skepticism about that being possible in two months. And beyond the future T1 Phone, others stress that a monthly cell service fee of just under $50 is pricey compared to other MVNO options today. 'It's not actual lower pricing. It's really trading on the fan base, if you will, of Trump,' said Bentzin. SmartLess Mobile and Mint Mobile, of course, don't carry these same political ties. And the wireless plans offered by both boast less expensive offerings. T-Mobile-owned Mint advertises 'flexible, buy-in-bulk' plans that range from $15 to $30 a month. Each option includes unlimited talk and text nationwide, but vary depending on plan length and data amount. Mint, founded in 2016, says it started 'because we'd had enough of the wireless industry's games' — and promises to help consumers avoid hidden fees. SmartLess Mobile's plans also start at $15 a month. Depending on the data amount purchased, that base fee can rise to $30 — but all of its plans similarly offer unlimited talk and text using T-Mobile's network. When launching last week, SmartLess underlined that its goal is to help people stop paying for the data they don't use, noting that the majority of data used by consumers today happens over Wi-Fi. 'Seriously, if your phone bill knew how often you're on Wi-Fi, it would be embarrassed,' Hayes said in a statement for SmartLess Mobile's June 10 launch. MVNOs have proven to be attractive acquisitions to big wireless carriers over the years. But whether or not the star factor promises significant demand has yet to be seen for the market's most recent entrants. For the more established Mint Mobile, Reynolds' investment is a success story. The 25% stake that the actor reportedly owned in 2023, when the company announced that it would be acquired by T-Mobile, was estimated to give him a personal windfall of over $300 million in cash and stock. And since that deal closed, Reynolds has remained in his creative role for Mint and as the face of many campaigns — helping the brand continue to attract new customers. It's no surprise that the potential of such business returns might attract other celebrities to make similar investments, Bentzin notes. Still, newer ventures are untested. And 'as the market becomes more crowded, it could be harder and harder to pick off individual consumers,' he added. Beyond a high-profile name, quality of service and what consumers can afford is also critical. 'The competition battleground here is brand and price,' Bentzin said. Still, if the marketing is right and product meets consumer needs, experts like Garcia Granados note that MVNOs can be a profitable business, for both the brands that start them and the telecommunications giants — like T-Mobile, Verizon and AT&T — offering this 'wholesale' access to their infrastructure. As a result, he said, such high-profile ventures become 'a catalyst for others to follow.' ______ AP Business Writer Bernard Condon contributed to this report from New York.
Eater
6 hours ago
- Eater
El Centro Exits Georgetown — And More D.C. Closures
This is a curated list of D.C. area's newly announced restaurant and bar closures, with new updates published every month. See a closing we missed? Drop us a line . GEORGETOWN– El Centro D.F., Richard Sandoval Hospitality's Georgetown cantina since 2013, will close for good on Sunday, June 29. Located in the former Third Edition space, the two-story taqueria seats 160 diners and sports a Mexico City-influenced look, complete with vaulted ceilings, reclaimed wood, and custom murals full of metal and Mexican newspapers. A large garden patio out back features a bar and fire pit. D.C.'s original El Centro D.F. closed in Logan Circle in 2020 after a nearly 10-year run. An offshoot at Reagan National Airport remains open. Meanwhile, Sandoval maintains a presence in the city with wood-fired dLeńa in Mt. Vernon Triangle. 1218 Wisconsin Avenue NW U STREET– After a 20-year run, tequila-fueled Mexican restaurant Alero announced plans to leave its original location. 'The building has chosen not to renew our lease, so we will be closing our doors at this location,' per signage posted on its door. The go-to pregame place for 9:30 Club shows was known for its long list of quesadillas, enchiladas, and burritos, plus a popular weekend brunch menu. Alero maintains a presence in Dupont Circle, with future locations coming to H Street NE and NoMa. 1301 U Street NW DUPONT CIRCLE– D.C.'s iconic sandwich shop Bub and Pop's suddenly shut down on Friday, June 6. But the family-owned venture will soon live on across town, reports Axios. The much-bigger NoMa location, situated in the former Eleanor space, will expand upon its menu that includes Philly-style staples, Italian cold cut hoagies, and beefy brisket sandwiches. 1815 M Street NW CAPITOL HILL—Beuchert's Saloon, the old-school saloon known for its American fare and classic cocktails served in a Prohibition-era setting, shut down in early June after a 13-year run. Its original co-owners Andrew Markert, Bart Hutchins, and Mackenzie Conway pivoted during the pandemic and debuted pop-up sandwich shop Fight Club inside. 623 Pennsylvania Avenue SE UPPER NORTHWEST– The Fox at The Palisades closed on Monday, June 2, just eight months after opening. The fledgling cafe served cakes, cookies, lattes, and breakfast sandwiches. The Fox still lives on in some capacity, with catering company Pampa's Fox offering its same empanadas, pastries, and more baked goods. 5108 MacArthur Boulevard NW See More:
Fast Company
7 hours ago
- Fast Company
Hack the Future
At Cannes, Fast Company's Jeff Beer sits down with Meghan Signalness (global head of media, marketing planning & operations and agency leadership at Philips), Rei Inamoto (founding partner at I&CO), and Erin Lanuti (chief innovation officer at Omnicom Public Relations Group) for a conversation on how marketing and product teams can work better together.
