Eni Signs Agreement With Energy Infrastructure Partners to Invest in Plenitude
By Andrea Figueras
Eni said investment services provider Energy Infrastructure Partners will invest in its low-carbon unit Plenitude and become a minority shareholder.
Energy Infrastructure Partners will acquire up to 9% equity stake in Plenitude through a capital increase, for an investment of up to 700 million euros ($766 million) by early 2024, Eni said.
The transaction implies an equity value for Plenitude post money of up to around EUR8 billion and will reinforce the subsidiary's balance sheet, reducing corporate debt and supporting the company's strategic plan, it said.
This agreement will support the company's growth in the production of energy from renewable sources, in the market for the sale of energy and energy efficiency solutions for retail and business customers, and in the deployment of charging infrastructure for electric mobility in Italy and Europe, Plenitude said.
The deal is also set to improve Eni's capital structure, reducing its consolidated net financial leverage and optimizing its capital base, said Eni's Chief Executive Claudio Descalzi.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
December 21, 2023 03:23 ET (08:23 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Is the Era of Volatility-Suppressing Policies Possibly Over?
-
5 Undervalued Stocks That Crushed Earnings for Q1 2024
-
What Does Nvidia’s Stock Split Mean for Investors?
-
After Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
Live Nation: Breakup Sought by Department of Justice Probably Wouldn’t Affect Fair Value Much
-
After Earnings, Is Applied Materials Stock a Buy, Sell, or Fairly Valued?
-
The Best Energy Stocks to Buy
-
Snowflake Earnings: Mixed News, But Signs of Stability
-
Nvidia Earnings: AI Demand Smashes Expectations Again
-
After Earnings, Is Walmart Stock a Buy, a Sell, or Fairly Valued?
-
Target Earnings: Margins Hold Up, but Top Line Constrained by Weak Discretionary Spending
-
Is Berkshire Hathaway’s Mystery Stock a Buy?