Plenitude: Eni Sells 20% Stake to Ares for €2 Billion
Deal News | Jun 26, 2025 | Legal Community Italy
In a significant industry transaction, Eni has agreed to sell a 20% stake in its subsidiary Plenitude to funds managed by Ares Management Corporation for approximately €2 billion. The deal values Plenitude at €10 billion on an equity basis and over €12 billion in enterprise value terms. Legal and financial advisory for Ares were provided by Chiomenti, with partners including Gregorio Consoli and Mario Roli, and Latham & Watkins, with an international team across London, New York, Paris, and Washington, D.C. Eni and its subsidiary Plenitude received guidance from PedersoliGattai. Meanwhile, Dentons assisted with vendor due diligence in various jurisdictions. The financing for the deal was supported by A&O Shearman. This acquisition is a strategic investment by Ares, emphasizing the ongoing consolidation and investment movement within the energy sector.
Sectors
- Energy
- Private Equity
- Legal Advisory
Geography
- Italy – Eni and Plenitude are based in Italy, and the transaction centers around their operations.
- United States – Ares Management Corporation is based in the U.S., and legal representation included U.S. jurisdictional expertise.
- France – Legal work regarding the transaction was carried out in France, indicating its geographic relevance.
Industry
- Energy – Plenitude is a subsidiary of Eni, a major energy company, indicating that the transaction is heavily embedded within the energy sector.
- Private Equity – Ares Management Corporation, a globally recognized private equity firm, is acquiring a stake in Plenitude, illustrating the role of private equity in strategic energy investments.
- Legal Advisory – Multiple legal firms were engaged in providing advisory services for this transaction, emphasizing the complexity and significance of the legal elements in the deal.
Financials
- €2 billion – Price paid by Ares for acquiring a 20% stake in Plenitude.
- €10 billion – Equity value of Plenitude as determined by the transaction.
- €12 billion – Enterprise value of Plenitude as determined by the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Eni | Selling Company | Company | Eni is an Italian multinational oil and gas company involved in the sale of Plenitude shares. |
| Plenitude | Target Company | Company | Plenitude is the subsidiary of Eni in which Ares is acquiring a 20% stake. |
| Ares Management Corporation | Bidding Company | Company | Ares is a global investment manager acquiring a minority stake in Plenitude. |
| Chiomenti | Legal Advisor | Company | Provided legal advisory services to Ares during the transaction. |
| Latham & Watkins | Legal Advisor | Company | Provided international legal advisory services to Ares. |
| PedersoliGattai | Legal Advisor | Company | Assisted Eni and Plenitude in corporate M&A aspects of the transaction. |
| Dentons | Legal Advisor | Company | Conducted vendor due diligence for Eni concerning foreign subsidiaries of Plenitude. |
| A&O Shearman | Financial Advisor | Company | Provided advisory services to banks in the financing aspects of the transaction. |