Italian energy company Eni is selling a 20 percent stake in the share capital of Plenitude, its retail and renewables business, to Ares Management Alternative Credit funds, affiliates of Ares Management Corp., for approximately €2 billion ($2.3 billion).
The agreement with Ares is part of Eni’s development of its satellite model and follows the sale of a 10 percent stake in Plenitude’s share capital to Energy Infrastructure Partners. Eni said the latest transaction is based on an equity value of €10 billion ($12 billion) for Plenitude, corresponding to an enterprise value of more than €12 billion ($14 billion).
“Plenitude is one of our satellite companies, established just a few years ago to maximize the value of our high-potential assets, continuously create value and contribute toward our net-zero Scope 3 emissions-reduction targets,” said Francesco Gattei, chief transition and financial officer of Eni. “Today we welcome a new international leading pa
