Eni Collaborates with EIP for Plenitude Stake Expansion
Deal News | Nov 15, 2024 | Legal Community Italy
Eni and its subsidiary Plenitude, advised by PedersoliGattai, have entered into an agreement with the Swiss energy investment fund Energy Infrastructure Partners (EIP), which was advised by Legance and Skadden Arps. The deal involves EIP increasing its stake in Plenitude to 10% through a capital increase of approximately €209 million, bringing the total investment to about €800 million, following a previous €588 million payment in March. The completion of the deal is subject to certain conditions being met. PedersoliGattai handled all legal aspects for Eni and Plenitude, while Legance and Skadden Arps provided corporate, golden power, and regulatory support to EIP. Hogan Lovells acted on behalf of the financiers involved in the transaction.
Sectors
- Energy
- Legal Services
Geography
- Italy – The legal teams and significant operations within Eni and Plenitude are based in Italy.
- Switzerland – Energy Infrastructure Partners (EIP) is a Swiss energy investment fund.
Industry
- Energy – The transaction involves significant capital investment in Plenitude, an energy company.
- Legal Services – Multiple law firms like PedersoliGattai, Legance, and Skadden Arps are involved in facilitating the agreement.
Financials
- 209,000,000 – Capital increase amount for EIP's stake increase in Plenitude.
- 800,000,000 – Total investment by EIP in Plenitude, including the previous payment.
- 588,000,000 – Amount paid by EIP for Plenitude shares in March.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eni | Parent Company | Company | An Italian multinational oil and gas company that owns Plenitude. |
| Plenitude | Target Company | Company | A subsidiary company of Eni that operates in the energy sector. |
| Energy Infrastructure Partners (EIP) | Investor | Company | A Swiss investment fund focusing on energy infrastructure. |
| PedersoliGattai | Legal Advisor | Company | A law firm that advised Eni and Plenitude on the transaction. |
| Legance | Legal Advisor | Company | A law firm that advised EIP on corporate and golden power aspects. |
| Skadden Arps Slate Meagher & Flom | Legal Advisor | Company | Handled regulatory issues for EIP in the transaction. |
| Hogan Lovells | Legal Advisor | Company | Assisted the financiers with multi-jurisdictional legal support. |