Italian energy company Eni has completed the previously announced sale of a 20 percent stake in Plenitude to Ares Management Alternative Credit funds, affiliates of Ares Management Corp.
Plenitude is Eni’s retail and renewables business, operating in more than 15 countries and combining more than 4 gigawatts of renewable-energy production with a power and gas retail business. According to Reuters, Plenitude also has more than 10 million customers and manages a network of 21,500 charging points for electric vehicles.
Based on an equity value of Plenitude of €10 billion ($12 billion) and an enterprise value of more than €12 billion ($14 billion), the transaction has generated €2 billion ($2.3 billion) in proceeds for Eni.
The deal is a key part of Eni's strategy aimed at enhancing the value of its satellite companies operating in the energy-transition sector b
