Key Takeaways
- • Ares Alternative Credit funds contributed more than €1 billion of a roughly €1.5 billion capital increase in Plenitude, the energy transition company controlled by Eni, alongside Eni's own contribution.
- • The reorganization implies a pre-money equity valuation of €10.75 billion and an enterprise value of €13.1 billion for Plenitude.
- • The deal builds on Ares' 2025 acquisition of a 20% stake in Plenitude for approximately €2 billion.
- • Latham & Watkins advised Ares, with a London-led team headed by partners Calvin Ng and Neil Ferguson.
Summary
Latham & Watkins has advised Ares Management Corporation, a global alternative investment manager, on the participation of Ares Alternative Credit funds in a reorganization of the shareholding and governance structure of Plenitude, the energy transition company controlled by Eni S.p.A. As part of the reorganization, Ares and Eni increased their capital contributions by approximately €1.5 billion, of which more than €1 billion is attributable to Ares. The transaction is based on a pre-money equity valuation of Plenitude of €10.75 billion and implies an enterprise value of €13.1 billion.
The transaction builds on Ares' first investment in Plenitude in 2025, when Ares Alternative Credit funds acquired a 20% stake in the business for approximately €2 billion. Latham & Watkins also advised Ares on that earlier transaction. Publisher materials describe the new contribution as expanding Ares' economic and governance participation in the company.
The Latham team was led by London partners Calvin Ng and Neil Ferguson. Associate Sam Emmett advised on financing matters; Milan partner Stefano Sciolla, with counsel Federico Amoroso and associates Giulio Palazzo and Andrea Carvelli, advised on Italian law; Paris partner Adrien Giraud and Brussels partner Philipp Studt advised on FDI and merger control; and New York partner Matt Salerno advised on compliance and sanctions matters.
The transaction builds on Ares' first investment in Plenitude in 2025, when Ares Alternative Credit funds acquired a 20% stake in the business for approximately €2 billion. Latham & Watkins also advised Ares on that earlier transaction. Publisher materials describe the new contribution as expanding Ares' economic and governance participation in the company.
The Latham team was led by London partners Calvin Ng and Neil Ferguson. Associate Sam Emmett advised on financing matters; Milan partner Stefano Sciolla, with counsel Federico Amoroso and associates Giulio Palazzo and Andrea Carvelli, advised on Italian law; Paris partner Adrien Giraud and Brussels partner Philipp Studt advised on FDI and merger control; and New York partner Matt Salerno advised on compliance and sanctions matters.
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