Eni deconsolidates Plenitude: start of 1.5 billion capital increase. Joint control with Ares

Eni is deconsolidating Plenitude from its perimeter through a shareholding reorganisation, in agreement with the benefit company's current shareholders, Ares and Eip (Energy Infrastructure Partners), which will lead to joint control between Eni and Ares and new governance downstream of the transaction. The announcement by the group led by Claudio Descalzi came on the eve of Eni's Capital Markets Update during which the new plan to 2030 will be announced.

The transaction is based on a non-proportional capital increase among shareholders of approximately €1.5 billion, of which at least €1 billion is expected to be subscribed by Ares, based on a 100% pre-money equity value of Plenitude of €10.75 billion (approximately €13.1 billion in terms of implied enterprise value). Once the new injection of resources has been made, Eni will hold a stake of close to 65% of the share capital, and is expected to maintain management and coordination over Plenitude (based on the provisions of Article 2497 of the Italian Civil Code) compatible with the new joint control agreement with Ares.

Eni currently holds 70 per cent of Plenitude's capital, while the remaining 30 per cent is in the hands of the two shareholders, with Ares holding 20 per cent and Eip 10 per cent. The capital increase will be instrumental in strengthening the capital structure of the company led by Stefano Goberti and will support the achievement of organic and inorganic growth targets, including 15 gigawatt installed capacity and 15 million retail customers by 2030, while pursuing an investment grade rating.

The initiative is to be seen in the context of the strategy implemented by Eni to enhance the value of the group's companies, based on the satellite model, and also represents an opportunity to allocate more resources to business growth, energy security and the creation of value for its shareholders. The finalisation of the deal will be, as always happens in similar transactions, subject to the issuance of authorisations by the relevant authorities.