Ares Alternative Credit Management has entered exclusive negotiations with Eni to acquire a 20% minority stake in Plenitude, the Italian energy giant’s low-carbon energy and retail subsidiary, in a deal that would value the unit at around $13bn, including debt.

The proposed transaction, announced Thursday, would mark a significant milestone for Ares as it continues expanding its asset-based finance strategy across Europe. For Eni, it represents a further step in its “satellite strategy” of bringing in strategic investors to help scale ESG-aligned business segments.

Plenitude brings together Eni’s renewable energy generation, electric mobility services, and retail energy distribution, positioning it at the centre of the company’s energy transition agenda. The equity valuation is understood to be between €9.8bn and €10.2bn, with a total enterprise value exceeding €12bn including debt.

The investment would follow Ares’ recent opening of a Milan office and builds on its stated ambition to grow in Southern Europe. “Italy is the new frontier,” said Tyrone Cooney, head of France and Southern Europe for direct lending at Ares, highlighting the firm’s increasing focus on the region.

The deal also reflects a broader trend of private capital targeting infrastructure and renewables platforms. Energy Infrastructure Partners (EIP) has already acquired a combined 10% stake in Plenitude through two previous transactions, while KKR earlier this year secured a 30% holding in Eni’s biofuels unit Enilive.

Mediobanca is acting as financial adviser to Eni, with UniCredit and Deutsche Bank advising Ares. Completion remains subject to final terms and regulatory approval.

Source: Reuters

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