Eni to divest 20% stake in Plenitude to Ares for over $13bn

Italian vigor elephantine Eni has entered an exclusivity statement with Ares Alternative Credit Management for the imaginable merchantability of a 20% involvement successful its vigor subsidiary, Plenitude.

The equity worth for this transaction is estimated astatine betwixt €9.8bn ($10.9bn) and €10.2bn, starring to an endeavor worth exceeding €12bn.

The determination to negociate with Ares comes aft a broad enactment process that drew involvement from galore planetary investors, highlighting the attractiveness of Plenitude's concern exemplary and maturation potential.

The statement is portion of Eni's "satellite" model, which focuses connected creating chiseled divisions for either low-carbon enterprises oregon upstream initiatives, according to a Reuters report. These specialised units are designed to pull concern from fiscal collaborators.

Eni main modulation and fiscal serviceman Francesco Gattei precocious said that Eni tin concern superior expenditure successful low-carbon ventures by selling number stakes successful its subsidiaries, portion inactive maintaining its quality to put successful lipid and state operations.

Last year, Eni sold a 10% involvement successful Plenitude to Energy Infrastructure Partners (EIP) done a superior summation of astir €209m, bringing the full concern by EIP to €800m (SFr748.3m).

In summation to the exclusivity agreement, Eni has announced the initiation of a caller stock buyback programme, authorised by shareholders connected 14 May 2025.

The programme, to beryllium executed by April 2026, volition people the repurchase of up to 315 cardinal shares, oregon astir 10% of Eni's stock capital, for a maximum of €1.5bn. This fig could emergence to €3.5bn if favourable currency travel scenarios materialise.

The intent of the stock buyback is to supply shareholders with further returns beyond dividends.

Acquired treasury shares volition beryllium cancelled by July 2026 without reducing stock capital, arsenic per the shareholders' gathering resolutions.

The buyback transactions volition beryllium conducted connected the Euronext Milan via an autarkic authorised cause and volition beryllium disclosed successful compliance with applicable laws and regulations.

Furthermore, Eni has commenced state production astatine the Merakes East tract disconnected the seashore of Indonesia.

Eni, holding an 85% operating interest, anticipates the tract volition lend up to 100 cardinal modular cubic feet per time of gas, equating to astir 18,000 barrels of lipid equivalent per day.

"Eni to divest 20% involvement successful Plenitude to Ares for implicit $13bn" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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