Latest news with #EniPlenitude
Yahoo
6 hours ago
- Business
- Yahoo
Acea to divest Acea Energia to Eni's Plenitude for €588m
Italian utility Acea's board of directors has approved a binding offer from Eni' renewables subsidiary Plenitude for the purchase of 100% equity in Acea Energia for €588.5m ($677.88m). The deal includes a 50% stake in Umbria Energy but excludes business lines such as energy efficiency, electric mobility, circular economy and energy management. Eni Plenitude has proposed an enterprise value of €460m for Acea Energia as of December 2024, utilising a locked box mechanism. The overall basic consideration of €588.5m accounts for normalised net cash positions and potential adjustments common in such transactions. The offer also includes up to an extra €100m ($116m) payment based on performance targets set for mid-2027. Completion of the transaction is contingent on regulatory approvals and final agreement negotiations, with expectations set for June 2026. Acea CEO Fabrizio Palermo stated: 'This transaction, consistent with Acea's strategy outlined in the 2024-2028 Business Plan, will enhance the group's position as infrastructure operator, offering the opportunity to reinvest the proceeds of the sale for further development in the businesses that have a strong connotation with infrastructure, with special reference to the enhancement of investments aimed at improving the safety of Roma Capitale's electricity distribution network.' The sale does not affect Acea's guidance regarding earnings before interest, taxation, depreciation and amortisiation (EBITDA) or its NFP/EBITDA ratio post-adjustments related to this transaction. The company plans to update its five-year (2024-2028) strategy to reflect the asset rotations initiated by selling high-voltage grids, including the current deal, and considering other growth ventures such as new water sector bids and increased investments in electricity distribution networks. Investment company Ares recently acquired a 20% stake in Plenitude for €2bn. This transaction is based on an equity valuation of €10bn, suggesting an enterprise value above €12bn. "Acea to divest Acea Energia to Eni's Plenitude for €588m" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
11 hours ago
- Business
- Yahoo
Eni Sells 20 Percent of RE Unit to Ares
This article was first published on Rigzone here Eni SpA has signed a deal to divest 20 percent of its renewable energy (RE) arm to Ares Management Corp. for around EUR 2 billion ($2.32 billion). The sale places an equity value of EUR 10 billion on Eni Plenitude SpA Societa Benefit, 'which corresponds to an enterprise value of over 12 billion euros', Italian state-backed Eni said in an online statement. 'The transaction further strengthens Plenitude's market value, reaffirming the robustness of its business model, which integrates renewable energy production, energy sales and services for households and businesses, as well as charging solutions for electric mobility', Eni said. Earlier Energy Infrastructure Partners (EIP) raised its stake in Plenitude to 10 percent by injecting EUR 209 million in additional capital. Including EUR 588 million paid March 2024, EIP has invested about EUR 800 million in Plenitude. 'This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale', Joel Holsinger, partner and co-head of Alternative Credit at Ares, said in a separate press release. Plenitude's installed generation capacity from renewable sources rose to four gigawatts (GW) last year according to Eni. Plenitude plans to reach 10 GW of renewable capacity by 2028. Plenitude is active in over 15 countries. It counts more than 10 million retail customers, as well as 21,500 electric vehicle charging points, according to Eni. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> 'The agreement with Ares is part of Eni's development of its satellite model', Eni said. The model involves, in the company's words, 'creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth'. Recently KKR & Co. Inc. completed the purchase of a 25 percent stake in another Eni company, biofuels developer Enilive. That would be raised to 30 percent after the completion of a later agreement. 'The overall proceeds for Eni group, after accounting for cash adjustments and other items, amount to EUR 2.967 billion, including a capital increase in Enilive of EUR 500 million to support the company's growth plan', Eni said March 6, 2025. 'Enilive, with its integrated business model, represents a prime example of the progress of the business satellite model, further confirmed by a post-money valuation of EUR 11.75 billion of Equity Value for 100 percent of Enilive's share capital and KKR's commitment to strengthen its role as a key partner through an agreement, announced to the market on 18 February, to increase its stake in Enilive by a further 5 percent'. To contact the author, email More From The Leading Energy Platform: Oil Prices Dropped 'Significantly' Following Ceasefire News FLNG Gimi Reaches Commercial Operation Oil Market Sees 1 in 5 Chance of Material Gulf Disruption North America Rig Count Stays Flat >> Find the latest oil and gas jobs on <<
