Plenitude: Ares Acquires 20% Stake from Eni
Deal News | Jun 23, 2025 | Finance Community IT - 3 Private Equity
Ares Management Corporation's Alternative Credit funds have successfully acquired a 20% equity stake in Plenitude from the Italian energy company Eni, solidifying its presence in the renewable energy sector. The deal, finalized in May, is valued at approximately €2 billion, based on Plenitude's equity value of €10 billion and enterprise value exceeding €12 billion. Eni was advised by financial institutions Mediobanca and Goldman Sachs, while Ares received advisement from UniCredit, Deutsche Bank, and L&B Partners. This transaction not only bolsters Plenitude's market value but also follows a previous investment in the company by Energy Infrastructure Partners, which holds a 10% share. Plenitude's expansive business model includes renewable energy production, energy sales, and electric mobility solutions, with operations across more than 15 countries. The company's strategic objective is to achieve a renewable capacity of 10 GW and expand its client base beyond 11 million by 2028. Ares Management, holding $546 billion in assets as of March 2025, adds this acquisition to its diverse portfolio across alternative investments. Plenitude's CEO Stefano Goberti and Ares' Stefano Questa both expressed enthusiasm for the collaboration, emphasizing shared goals in sustainability and financial performance.
Sectors
- Renewable Energy
- Investment Management
- Energy and Utilities
Geography
- Italy – Plenitude, the target company in the transaction, is based in Italy.
- United States – Ares Management Corporation, the acquiring entity, is headquartered in the United States, highlighting cross-border investment activities.
- Europe – Plenitude operates extensively within Europe, reflecting its strategic market and operational focus.
Industry
- Renewable Energy – The acquisition highlights the growing importance and investment in the renewable energy sector, with Plenitude focusing on expanding its renewable energy production.
- Investment Management – Ares Management is a global investment manager actively investing in alternative credit, showcasing its role in facilitating large-scale transactions.
- Energy and Utilities – Eni and Plenitude's operations in energy provision and infrastructure are central to this article as they seek to enhance their offerings in the energy sector.
Financials
- €2 billion – The purchase price for the 20% equity stake in Plenitude by Ares Management.
- €10 billion – Plenitude's equity value as part of the transaction.
- €12 billion – Plenitude's enterprise value based on the transaction details.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ares Management Corporation | Acquirer | Company | A global investment manager involved in alternative credit, private equity, and other investment solutions. |
| Plenitude | Target | Company | An Italian energy company specializing in renewable energy and electric mobility solutions, formerly part of Eni. |
| Eni | Seller | Company | An Italian multinational oil and gas company that sold a 20% stake in Plenitude. |
| Mediobanca | Financial Advisor | Company | Provided financial advisory services to Eni during the transaction. |
| Goldman Sachs | Financial Advisor | Company | Advised Eni alongside Mediobanca. |
| UniCredit | Financial Advisor | Company | Provided investment banking advisory services to Ares Management in the transaction. |
| Deutsche Bank | Financial Advisor | Company | Provided advisory services to Ares Management. |
| L&B Partners | Financial Advisor | Company | Participated in advising Ares Management on the transaction. |
| Stefano Goberti | CEO of Plenitude | Person | Provided a statement welcoming Ares as a shareholder in Plenitude. |
| Stefano Questa | Partner at Ares Management | Person | Co-head of European Alternative Credit at Ares, commented on the partnership with Plenitude. |