06:23 AM EDT, 06/23/2025 (MT Newswires) -- Ares Management ( ARES ) will acquire a minority stake in Italian energy group Eni's (E) energy transition business Plenitude, for roughly 2 billion euros ($2.3 billion), the companies said in separate statements Monday.

The alternative investment manager's Ares Management Alternative Credit funds will purchase a 20% stake in Plenitude, reflecting an enterprise value of more than 12 billion euros for the firm, Ares said. Separately, Eni said the deal gives Plenitude an equity value of 10 billion euros.

Plenitude, which operates in more than 15 countries, combines over 4 gigawatts of renewable energy production with a retail and energy business, according to Ares. It manages a network of electric vehicle charging points, it said. The deal requires approval from regulators, the companies said.

"This transaction underscores the strength of the Ares platform," said Joel Holsinger, co-head of alternative credit at Ares. "We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact."

The deal is part of Eni's development of its satellite model and follows the sale of a 10% interest in Plenitude to investment fund Energy Infrastructure Partners, the company said.

"The agreement announced today underscores the strong appeal of Plenitude's business model," Eni Chief Financial Officer Francesco Gattei said in a separate statement. "Today we welcome a new international leading partner who will support Plenitude in its significant future growth."