Switzerland’s Energy Infrastructure Partners previously acquired 10% of ENI Plenitude
Ares Management Alternative Credit officially signed an agreement with ENI for acquiring a 20% of Eni Plenitude (fka ENI Gas e Luce), a B-Corp of Milan-listed ENI of which Swiss Energy Infrastructure Partners has 10% since late 2024, for 2 billion euros on the ground of an equity value of 10 billion and an enterprise value of above 12 billion (press release, see here a previous post byBeBeez)
ENI retained Mediobanca and Goldman Sachs. Ares Alternative Credit Management hired UniCredit, Deutsche Bank and L&B Partners. The closing will require the authorization of competent authorities.
In November 2024, Energy Infrastructure Partners (EIP) rose to 10% its stake in Plenitude through the subscription to a capital increase of 209 million (see here a previous post by BeBeez). In December 2023, the Swiss fund acquired a 9% of the company through an uo to 700 million capital increase for an enterprise value of above 10 billion.
In 2023, Plenitude generated a turnover of 6.7 billion with an ebitda of 363 million, net profits of 448.5 million, and equity of 5 billion.
Stefano Goberti, the ceo of Plenitude, said: “We are happy to welcome Ares, one of the most important global asset managers, as a new shareholder of Plenitude. It is a new recognition for the quality of our approach, which combines economic and environmental sustainability in an integrated, future-oriented business model for the energy world. Ares investment highlights the progression of Plenitude’s value and becomes part of our growth path that, day after day, we realise with tenacity and conviction”.
Stefano Questa, Ares partner and co-head of European Alternative Credit, added: “Plenitude is a leading energy transition company with a distinctive business model and an outstanding track record of growth and profitability. We are delighted to be at Plenitude’s side in achieving its important sustainability and financial goals, working with its management and Eni on this new and exciting journey”.
Previous press reports said that Eni was mulling for selling a 15% of Plenitude and attracted the interest of Apollo Global Management, HitecVision and Stonepeak (see here a previous post by BeBeez and here a previous post by BeBeez).
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