Eni has entered exclusive negotiations with Ares Management’s alternative credit arm over the potential sale of a 20% stake in its low-carbon subsidiary, Plenitude, in a deal valued at up to €2.04 billion ($2.2 billion).
The Italian energy group announced on Thursday that it had agreed to a period of exclusivity with Ares Alternative Credit Management to finalise terms for the proposed transaction. The agreement comes after a competitive selection process involving several interested parties, the company said.
The potential sale is based on a valuation of Plenitude ranging between €9.8 billion ($10.9 billion) and €10.2 billion ($11.4 billion), significantly higher than a previous deal concluded in March, when Swiss investment firm Energy Infrastructure Partners raised its stake in Plenitude to 10% at a valuation of €8 billion ($ 8.9 billion).
Plenitude, Eni’s integrated energy transition platform, combines renewable energy production, energy retail and electric mobility services.
