Ares buys 20 percent of Plenitude from Eni for $2.3 billion

Italian energy group Eni sold a 20 percent stake in its renewables and retail business Plenitude, to U.S. alternative investments manager Ares Management Corp. for approximately 2 billion euros ($2.3billion), the company announced on Monday.

The deal is part of an Italian group's strategy to develop its business with partners. It follows the sale by Energy Infrastructure Partners of a 10% stake of Plenitude.

Stefano Questa is the co-head of European Alternative Credit for Ares. He said: "Plenitude has a distinguished track record in energy transition.

Plenitude is active in over 15 countries. It combines renewable energy production of more than 4 Gigawatts with retail power and gas. It has over 10 million customers, and manages a charging network for electric vehicles.

Mediobanca was Eni's adviser in the deal. Plenitude is valued at over 12 billion euro, including debt. $1 = 0.8693 Euros (Reporting and editing by Francesca Landini)

(source: Reuters)