Eni signed a temporary exclusivity agreement within Ares Alternative Credit Management, a global investment fund specializing in alternative credit solutions, for the sale of 20% of Plenitude, the subsidiary active in the sale of energy, gas and the development of renewables.
The agreement provides for the launch of a negotiation aimed at a definitive agreement, based on an equity valuation of between 9,8 and 10,2 billion euros, which implies a enterprise value of over 12 billion euros for the whole society.
Ares' choice comes at the end of a competitive process which involved several international investors, a sign of the high Market interest in Plenitude and for its integrated business model, which combines the retail sale of energy and gas with generation from renewable sources and electric mobility.
The sale is part of Eni's strategy to enhance strategic assets through theentry of financial and industrial partners, with the aim of accelerating growth and freeing up resources to reinvest in the energy transition.
Eni's subsidiary is already a participant in the 7,6% from the Swiss fund EIP (Energy Infrastructure Partners) which entered the capital at the end of 2024 through an increase from 588 million euro, also obtaining a seat on the board of directors.
Plenitude – which has over 10 million customers and a rapidly expanding portfolio of renewable plants – represents one of the pillars of the decarbonization plan of the Eni group, with the ambition of achieving the carbon neutrality by 2050.
