Italian energy company Eni completed the reorganization of the shareholding structure of its energy retail and renewables unit, Plenitude, together with existing investors US-based Ares Management and Energy Infrastructure Partners (EIP), the company announced Thursday.
The transaction was carried out through a €1.56 billion ($1.76 billion) non-proportional capital increase, with Ares subscribing €1.08 billion and Eni providing €480 million.
The deal implies a pre-money equity value of €10.75 billion for 100% of Plenitude, corresponding to an enterprise value of approximately €13.1 billion.
Following completion of the transaction, Eni holds a 65.03% stake in Plenitude, while Ares owns 26.24% and EIP holds the remaining 8.73%.
Under the new governance structure, Eni and Ares will exercise joint control over Plenitude, resulting in the company being deconsolidated from Eni's consolidated financial statements.
Plenitude's new nine-member board of directors will include five members appointed by Eni, including the chief executive officer, three appointed by Ares, including the chairman, and one appointed by EIP.
Certain key decisions, including approval of budgets and business plans, will require the support of at least one Ares-appointed director.
Eni said the transaction strengthens Plenitude's capital structure and supports its strategy of enhancing the value of its satellite companies while freeing up additional resources for business growth, energy security and long-term value creation.
"The reorganization of Plenitude's shareholding structure marks a significant milestone in the company's development path and is a tangible demonstration of the effectiveness of Eni's satellite model," Eni Chief Transition and Financial Officer Francesco Gattei said.
Gattei added that the new shareholding structure and capital injection would provide further opportunities for Plenitude to pursue its growth targets.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr
