Italian energy group Eni has sold a 20% stake in its retail and renewables business Plenitude to U.S. alternative investment manager Ares Management Corp for about 2 billion euros ($2.3 billion), it said on Monday.
The transaction is part of the Italian group’s long-term strategy to find partners to jointly develop its businesses and follows the sale of a 10% stake in Plenitude to Swiss investment fund Energy Infrastructure Partners.
“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record,” said Stefano Questa, co-head of European Alternative Credit at Ares.
Plenitude operates in more than 15 countries and combines more than 4 gigawatts of renewable energy production with a power and gas retail business. It has more than 10 million customers and manages a network of 21,500 charging points for electric vehicles.
Mediobanca acted as Eni’s financial adviser on the deal, which values Plenitude at more than 12 billion euros including debt.
($1 = 0.8693 euros)
(Reporting by Francesca Landini)
