Latest news with #AresAlternativeCreditManagement
Yahoo
15-05-2025
- Business
- Yahoo
Eni In Talks to Sell 20% of Its $13-Billion Low Carbon Unit Plenitude
Eni has launched exclusive talks with investment fund Ares Alternative Credit Management to potentially sell 20% in its low-carbon energy business Plenitude, which has an enterprise value of over $13.4 billion (12 billion euros), the Italian energy giant said on Thursday. 'The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects,' Eni said in a brief statement. At the end of 2023, Eni agreed to sell 9% in Plenitude to Energy Infrastructure Partners (EIP). Plenitude is active in the market of power generation including renewable energy sources, the sale of energy and energy solutions, and an extensive network of EV charging points. For years, Eni has been taking a different approach to conventional and green energy development, unlike any of the other major international oil and gas firms. The Italian major is divesting or creating joint ventures to operate oil and gas assets internationally while grouping some low-carbon initiatives and projects into separate firms. Eni says that its so-called 'satellite model' of managing various divisions is based on creating separate entities that can independently access capital markets to finance their own growth and be suitable for specialized investors. 'By being open to new investments, the satellite model allows us to reduce the capital absorption required to support new businesses, while safeguarding shareholder remuneration, which continues to be fed by the Free Cash Flow generated by traditional activities,' the Italian energy group says. Francesco Gattei, Chief Transition & Financial Officer, Chief Operating Officer, and General Manager of Eni, notes that 'satellites are the way we solve the energy transition equation, by managing new and traditional businesses and growing in both while ensuring continuity and security of sources, the availability of financing while pursuing all our business objectives.' By Tsvetana Paraskova for More Top Reads From this article on
Zawya
15-05-2025
- Business
- Zawya
Eni moves to sell stake in Plenitude to Ares, based on $13bln value
MILAN - Italy's Eni has entered exclusive talks with investment fund Ares Alternative Credit Management over the sale of a 20% stake in its renewable and retail arm Plenitude, the energy group said on Thursday. Negotiations are based on an equity value of Plenitude between 9.8 and 10.2 billion euros, corresponding to a value of more than 12 billion euros ($13.4 billion), including debt, Eni said in a statement. The deal is part of Eni's so-called 'satellite' strategy, which aims to develop specialised units dedicated to low-carbon businesses or upstream projects that can attract investments from financial partners. "The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects," the Italian group said. Mediobanca is acting as financial adviser for Eni, while UniCredit and Deutsche Bank are advising Ares Alternative Credit Management on the deal. Under the satellite strategy, Eni has already opened up the capital of Plenitude to Switzerland's Energy Infrastructure Partners (EIP) in two transactions that brought the asset manager to get a 10% stake in the unit. EIP valued Plenitude at over 10 billion euros, including debt, in the last deal completed in March. Earlier this year U.S. investment fund KKR acquired a total 30% of the energy group's biofuel unit Enilive with overall proceeds for Eni of 3.6 billion euros. ($1 = 0.8939 euros)
Reuters
15-05-2025
- Business
- Reuters
Italy's Eni enters exclusive talks with Ares fund for Plenitude stake
MILAN, May 15 (Reuters) - Italy's Eni ( opens new tab has entered exclusive talks with investment fund Ares Alternative Credit Management over the sale of a 20% stake in its renewable and retail arm Plenitude, the energy group said on Thursday. Negotiations are based on an equity value of Plenitude between 9.8 and 10.2 billion euros, corresponding to an enterprise value of more than 12 billion euros ($13.4 billion). ($1 = 0.8939 euros)
