Ares Management Corp. (ARES), an alternative investment manager, announced on Monday that Ares Alternative Credit funds entered into a definitive agreement for the acquisition of a 20% stake in Eni Plenitude, an energy transition firm controlled by Eni for approximately 2 billion euros.
The deal values Plenitude at more than 12 billion euros in enterprise terms. The transaction will be completed once the necessary regulatory approvals are obtained.
CEO of Plenitude Stefano Goberti siad, the deal further affirms the strength of our strategic approach, which blends economic and environmental sustainability through an integrated business model focused on the future of the energy sector.
On Friday, Ares Management closed trading, 0.94% lesser at $165.76 on the New York Stock Exchange.
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