Key Takeaways
- • Ares Management Corporation contributed more than €1 billion of a roughly €1.5 billion combined capital increase in Plenitude, the energy transition company controlled by Eni S.p.A., per a Latham & Watkins announcement dated October 13, 2026.
- • The reorganization of Plenitude's shareholding and governance structure was based on a pre-money equity valuation of €10.75 billion, implying an enterprise value of €13.1 billion.
- • The deal follows Ares Alternative Credit funds' 2025 acquisition of a 20% stake in Plenitude for approximately €2 billion, making this a follow-on investment.
- • Latham & Watkins advised Ares on the transaction, with London partners Calvin Ng and Neil Ferguson leading the team.
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 business controlled by Eni. According to the law firm's announcement, Ares and Eni increased their capital contribution by approximately €1.5 billion in total, of which more than €1 billion is attributable to Ares. The contribution was struck on a pre-money equity valuation of Plenitude of €10.75 billion, which implies an enterprise value of €13.1 billion for the company.
The transaction builds on Ares' first investment in Plenitude in 2025, when Ares Alternative Credit funds acquired a 20% stake for approximately €2 billion. Latham & Watkins also advised Ares on that earlier deal, according to the firm's account.
The Latham team was led by London partners Calvin Ng and Neil Ferguson. Financing advice was provided by associate Sam Emmett; Italian law matters by Milan partner Stefano Sciolla, counsel Federico Amoroso, and associates Giulio Palazzo and Andrea Carvelli; FDI and merger control by Paris partner Adrien Giraud and Brussels partner Philipp Studt; and compliance and sanctions by New York partner Matt Salerno.
The transaction builds on Ares' first investment in Plenitude in 2025, when Ares Alternative Credit funds acquired a 20% stake for approximately €2 billion. Latham & Watkins also advised Ares on that earlier deal, according to the firm's account.
The Latham team was led by London partners Calvin Ng and Neil Ferguson. Financing advice was provided by associate Sam Emmett; Italian law matters by Milan partner Stefano Sciolla, counsel Federico Amoroso, and associates Giulio Palazzo and Andrea Carvelli; FDI and merger control by Paris partner Adrien Giraud and Brussels partner Philipp Studt; and compliance and sanctions by New York partner Matt Salerno.
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