Ares Management acquires 20% stake in Plenitude from Eni for EUR 2B

Ares Management (ARES) announced that Ares Alternative Credit funds have entered into a definitive agreement for the acquisition of a 20% stake in Plenitude, an energy transition company controlled by Eni (E), for approximately EUR 2B. The consideration implies an enterprise value for Plenitude of over EUR 12B. Completion of the transaction is subject to customary regulatory approvals. Plenitude operates in over 15 countries worldwide, integrating a business model that combines over 4 GW of renewable energy production, as well as retail and energy solutions. The company serves more than 10M customers and manages a network of 21,500 charging points for electric vehicles.