Eni to Sell 20% Plenitude Stake to Ares for About €2 Billion (1)

Eni SpA agreed to sell a 20% holding in its renewable arm Plenitude to Ares Alternative Credit Management for about €2 billion ($2.3 billion), its second sale of a stake in the unit.

The transaction is based on an equity value of Plenitude of €10 billion, corresponding to an enterprise value of more than €12 billion, the renewable business said in a statement. Eni said in May it was in exclusive talks with the company over the sale.

“The valuation of Plenitude has positive implications for the stock as it allows further value to be unlocked in one of Eni’s ...