Eni: agreement with Ares to sell 20% of Plenitude. EUR 2 billion deal

Eni closes the circle around the sale of a 20% stake in the group's benefit company, Plenitude, by signing an agreement with the Alternative Credit funds of Ares Management (Ares), affiliates of the leading global investment manager Ares Management Corporation, for a purchase price of approximately EUR 2 billion. The deal is based on Plenitude's equity value of EUR 10 billion, corresponding to an enterprise value of more than EUR 12 billion.

The negotiations, which, as will be recalled, had opened in mid-May with the initiation of an exclusive agreement with the US big company founded in 1997 and which, as a whole, boasts USD 546 billion in assets under management (of which some USD 43 billion in the hands of its "arm" Ares Alternative Credit), represent a further step in Eni's satellite model, the strategy with which the group led by Claudio Descalzi aims to enhance the value of activities linked to the energy transition business through the creation of companies capable of walking on their own two feet, and goes hand in hand with the sale of 10% of Plenitude's capital to the Swiss fund Eip (Energy Infrastructure Partners).

"The agreement announced today confirms the great attractiveness of the business model of Plenitude, one of our satellite companies set up a few years ago to make the most of a portion of our high-potential assets, create more and more value and contribute to our Scope 3 net zero emissions targets," commented Francesco Gattei, Eni's chief transition & financial officer. "Today we welcome a new leading international partner that will accompany Plenitude in its important future growth.

As for Plenitude, the transaction further consolidates the market value of the company, which integrates energy production from renewable sources, energy sales and energy services to households and businesses, and charging solutions for electric mobility. "I am delighted to welcome the new shareholder Ares, one of the world's leading investment funds, to Plenitude," said Stefano Goberti, Plenitude's number one. "Today, the quality of our approach, which combines economic and environmental sustainability in an integrated and future-oriented business model for the energy world, is once again recognised. Ares, with its entry into the company, highlights the progression of Plenitude's value and becomes part of our growth path that, day after day, we achieve with tenacity and conviction".

The top management of the US fund, which has made investment diversification one of its strengths, is also satisfied. "Plenitude is a leading energy transition company with a distinctive business model and an extraordinary track record of growth and profitability," said Stefano Questa, partner and co-head of European Alternative Credit at Ares. We are delighted to be at Plenitude's side in achieving its important sustainability and financial objectives, working with its management and Eni in this new and exciting journey".