Italian energy company Eni has entered exclusive negotiations to sell a 20% stake in its renewables and retail subsidiary Plenitude to Ares Alternative Credit Management, the company said on Wednesday.
The deal, which is subject to the finalisation of a definitive agreement, is based on an equity valuation of Plenitude between €9.8 billion and €10.2 billion. The enterprise value of the company is estimated to exceed €12 billion.
Eni said the agreement follows a competitive selection process that attracted interest from several international investors.
“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 statement.
Plenitude, which combines Eni’s renewable energy generation, electric mobility, and energy retail activities, is a key component of the company’s transition strategy. The partial sale is expected to support Eni’s efforts to unlock value from its low-carbon businesses while funding future growth.
Eni has not disclosed a timeline for the conclusion of the deal, but the exclusivity period marks a key step toward a potential transaction.
