Eni to Share Control of Plenitude Unit With Ares Amid $1.7 Billion Capital Raise
By Adria Calatayud
Eni said it would share control of its Plenitude arm with Ares Management in a deal that includes a 1.5 billion-euro ($1.72 billion) capital increase and will result in the unit's deconsolidation from the Italian energy group.
The deal values Plenitude, a renewable power and electric-vehicle charging business established by Eni, at 10.75 billion euros before new money, Eni said Thursday. When Ares agreed to buy a 20% stake in the business last year, Plenitude was valued at 10 billion euros.
Investment company Ares is expected to provide at least 1 billion euros as part of the capital increase, which will dilute Eni's ownership of Plenitude to close to 65%, the Italian company said. The funding aims to support Plenitude's growth targets organically and through acquisitions, Eni added.
Eni said it is reorganizing Plenitude's shareholding structure together with minority shareholders Ares Management Alternative Credit funds and Energy Infrastructure Partners, with the aim of establishing joint control between Eni and Ares. As a result, Plenitude will be deconsolidated from Eni's financial statements, it said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
March 19, 2026 09:32 ET (13:32 GMT)
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