Eni reorganizes Plenitude ownership, cedes control in accounts after €1.56 billion capital increase
E•Eni completed a Plenitude ownership and governance reorganization after a €1.56 billion capital increase, with Ares investing €1.08 billion and Eni €480 million. Eni and Ares now have joint control, and Plenitude will be deconsolidated from Eni’s financial statements.
1. Capital increase
A non-proportional €1.56 billion capital increase was completed as part of the reorganization. The deal implies a pre-money equity value of €10.75 billion for all of Plenitude, or about €13.1 billion in enterprise value.
2. New ownership and control
After the transaction, Eni holds 65.03% of Plenitude, Ares Management Alternative Credit funds hold 26.24%, and Energy Infrastructure Partners holds 8.73%. The new governance arrangements give Eni and Ares joint control, triggering Plenitude’s deconsolidation from Eni’s consolidated financial statements.
