Eni, Plenitude restructuring completed with a capital increase of 1.56 billion

Eni announces that it has completed, together with current shareholders Ares Management Alternative Credit funds and Energy Infrastructure Partners (EIP), the restructuring of Plenitude's shareholding structure. The transaction was carried out through a non-proportional capital increase of 1.56 billion euros, subscribed by Ares for 1.08 billion euros and by Eni for 0.48 billion euros, and recognizes a pre-money Equity Value of 10.75 billion euros for 100% of Plenitude (approximately 13.1 billion euros in terms of Enterprise Value). Following completion of the transaction, Plenitude's share capital is now held by Eni (65.03%), Ares (26.24%) and EIP (8.73%). Plenitude's new board of directors will consist of nine members, five appointed by Eni (including the CEO), three by Ares (including the chairman) and one by EIP. "The reorganization of Plenitude's shareholding structure represents a significant milestone in the company's development path and a concrete demonstration of the effectiveness of Eni's satellite model," said Francesco Gattei, Chief Transition & Financial Officer of Eni. "The shareholding restructuring and the capital injection by the shareholders open up new opportunities for Plenitude, which will be committed to pursuing its growth objectives." Reproduction reserved © Copyright ANSA