Eni announces that it has completed, together with the current partners Ares Management Alternative Credit funds and Energy Infrastructure Partners (Eip), the reorganization of the shareholding structure of FullnessThe operation was carried out through a capital increase non-proportional equal to 1,56 billion euros, subscribed by Ares for €1,08 billion and Eni for €0,48 billion, and recognizes a 100% pre-money equity value of Plenitude of €10,75 billion (approximately €13,1 billion in terms of enterprise value). Following the completion of the transaction, Plenitude's share capital is now held by Eni (65,03%), Ares (26,24%), and Eip (8,73%).
Eni: Plenitude reorganization completed
The new governance structure agreed upon following the operation, as stated in a company note, attributes to Eni and Ares the joint control of Plenitude, resulting in the company's deconsolidation from Eni's consolidated financial statements. Plenitude's new board of directors will consist of nine members, five appointed by Eni (including the CEO), three by Ares (including the chairman), and one by Eip; the new agreements also require qualified majorities (the favorable vote of at least one Ares director) for certain key matters, including approval of the budget and business plans.
Eni, which retains legal control over Plenitude, will continue to exercise management and coordination activities pursuant to Article 2497 of the Italian Civil Code, compatible with joint control and in accordance with the agreements between shareholders. The transaction, it is further stated, "further strengthens Plenitude's capital structure and is consistent with Eni's strategy aimed at enhance the value of its satellite companies. It also allows us to allocate additional resources to support the growth of Eni's businesses, energy security and the creation of long-term value for shareholders."
Eni, Gattei: "Our satellite model is effective."
Francesco Gattei, Chief Transition & Financial Officer of Eni, commented: “The reorganisation of Plenitude's shareholding structure represents a significant milestone in the company's development path and a concrete demonstration of the effectiveness of Eni's satellite modelThis strategy has allowed Plenitude to continue growing at significant rates, becoming one of the most significant players in the market with an integrated and diversified business model. The shareholder reorganization and capital injection from the shareholders open up new opportunities for Plenitude, which will be committed to pursuing its growth objectives. We are proud to have created a company that is demonstrating how it is possible to generate significant value for shareholders while offering customers a progressively decarbonized portfolio of products and services.
