Key Takeaways
- • Ares Alternative Credit funds, managed by Ares Management Corporation (NYSE: ARES), have signed a definitive agreement to acquire a 20% stake in Plenitude for approximately €2 billion.
- • The consideration implies an enterprise value for Plenitude of over €12 billion.
- • Plenitude is an energy transition services provider controlled by Eni.
- • Completion of the transaction is subject to customary regulatory approvals.
- • Latham & Watkins LLP advised Ares, with a multidisciplinary team covering financing, antitrust, FERC, FDI, compliance, data protection and Italian law.
Summary
Ares Management Corporation (NYSE: ARES), a global alternative investment manager, has announced that Ares Alternative Credit funds have entered into a definitive agreement to acquire a 20% stake in Plenitude, an energy transition business controlled by Eni, for approximately €2 billion. The consideration implies an enterprise value for Plenitude of more than €12 billion. Completion remains subject to customary regulatory approvals.
Latham & Watkins LLP represented Ares on the transaction, according to the firm's announcement dated June 23, 2025. The firm's multidisciplinary real assets private equity and credit team was led by London partner Calvin Ng, with New York partner Michelle Kelban, London partner Jeremy Trinder, counsel James Beeson and associate Kwabena Boateng. Advice on financing matters came from London partner Charles Armstrong, antitrust from Paris partner Adrien Giraud, FERC matters from Washington, D.C. partner Tyler Brown, and foreign direct investment matters from counsel Philipp Studt. Compliance, data protection and Italian legal advice were provided by additional Latham teams.
The deal reflects continued institutional interest in energy transition assets through alternative credit vehicles. The primary source does not disclose further terms, such as governance rights or return expectations.
Latham & Watkins LLP represented Ares on the transaction, according to the firm's announcement dated June 23, 2025. The firm's multidisciplinary real assets private equity and credit team was led by London partner Calvin Ng, with New York partner Michelle Kelban, London partner Jeremy Trinder, counsel James Beeson and associate Kwabena Boateng. Advice on financing matters came from London partner Charles Armstrong, antitrust from Paris partner Adrien Giraud, FERC matters from Washington, D.C. partner Tyler Brown, and foreign direct investment matters from counsel Philipp Studt. Compliance, data protection and Italian legal advice were provided by additional Latham teams.
The deal reflects continued institutional interest in energy transition assets through alternative credit vehicles. The primary source does not disclose further terms, such as governance rights or return expectations.
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