Ares Alternative Credit funds have entered into a definitive agreement for the acquisition of a 20% stake in Plenitude, a company in energy transition controlled by Eni, for approximately €2 billion. The consideration implies an enterprise value for Plenitude of over €12 billion. Completion of the transaction is subject to customary regulatory approvals.
“This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale,” Joel Holsinger, partner and co-head of alternative credit at Ares, said. “We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”
“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record, and we are delighted to be part of its next phase of growth,” Stefano Questa, partner and co-head of European alternative credit at Ares, said.
“I am pleased to welcome Ares, one of the world’s leading investment funds, as a new shareholder in Plenitude,” Stefano Goberti, CEO of Plenitude, said. “The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector. Ares, with its entry into the company, highlights the progression of Plenitude’s value and becomes part of our growth journey, which we pursue with determination and conviction day after day.”
