Italy’s Eni has signed an agreement to enter into a period of exclusivity with investment fund Ares Alternative Credit Management for the sale of stake in Plenitude, its retail and renewables unit.
The exclusivity agreement is aimed at negotiating a definitive agreement and subsequently finalizing the sale of a stake in Plenitude equal to 20% to Ares.
The agreement is based on an equity value of the company between $11 billion and $11.4 billion (€9.8 and €10.2 billion), corresponding to an enterprise value of more than $13.4 billion (€12 billion).
The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects, Eni said.