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Eni Completes Plenitude Ownership Restructuring

MT Newswires Live
Yesterday

Eni (E) said Thursday it completed the restructuring of Plenitude's ownership with Ares Management and Energy Infrastructure Partners.

The company said the transaction involved a 1.56 billion euros ($1.76 billion) capital increase, with Ares contributing 1.08 billion euros and Eni 480 million euros.

It values Plenitude at 10.75 billion euros before the investment, or about 13.1 billion euros including debt, the company said.

Eni now owns 65.03% of Plenitude, Ares 26.24% and EIP 8.73%, the company said, adding that Plenitude's nine-member board will include five Eni appointees, three from Ares and one from EIP.

Eni said it will also appoint the CEO, while Ares will appoint the chairman.

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