Ares Management Alternative Credit funds (Ares), affiliates of leading global alternative investment manager Ares Management Corp., has signed an agreement with Eni to acquire a stake in Plenitude’s share capital.
Ares will acquire a 20% stake in Plenitude from Eni for a total value of approximately €2 billion, based on an equity valuation of €10 billion, which corresponds to an enterprise value of over €12 billion. The completion of the transaction is subject to customary regulation approvals.
The transaction further strengthens Plenitude’s market value, reaffirming the robustness of its business model, which integrates renewable energy production, energy sales, and services for households and businesses, as well as charging solutions for electric mobility.
Ares’ entry follows that of Energy Infrastructure Partners, which holds a 10% stake in Plenitude.
Stefano Goberti, CEO of Plenitude, commented: “I am pleased to welcome Ares, one of the world's leading investment funds, as a new shareholder in Plenitude. The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector. Ares, with its entry into the company, highlights the progression of Plenitude's value and becomes part of our growth journey.”
Stefano Questa, Partner and Co-Head of European Alternative Credit at Ares, added: “Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record of growth and profitability. We are delighted to support Plenitude in delivering its financial and impact goals, and we look forward to partnering with its management team and Eni in this exciting new chapter.”
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