Eni has completed a reorganization of its renewables and retail unit, Plenitude, and established joint control with funds managed by Ares Management.
The deal closed through a €1.56 billion non-proportional capital increase. It implies a pre-money equity value of €10.75 billion for Plenitude.
Eni now holds a 65.03% stake in Plenitude. Ares holds 26.24%, while existing investor Energy Infrastructure Partners (EIP) holds 8.73%.
Under the new governance structure, Plenitude is no longer consolidated in Eni’s financial statements. Its nine-member board includes five directors appointed by Eni and three appointed by Ares. Certain key decisions require approval from at least one Ares-appointed director.