Ares Increases Stake in Italian Energy Company Plenitude to 26%

Ares Management invested over €1 billion to increase its stake in Plenitude, the energy business of Italian oil and gas company Eni, raising its ownership from 20% to 26.24%. The reorganization establishes joint control between Ares and Eni, with Ares gaining three board seats including the chairman position, and values Plenitude at approximately €10.75 billion pre-money. The expanded capital structure aims to support Plenitude's long-term growth ambitions in the renewable energy and energy infrastructure sector.

Ares Management's investment follows its initial entry into Plenitude in 2025, when it acquired a 20% stake valued at approximately €2 billion. The latest capital injection of over €1 billion represents a significant deepening of the asset manager's commitment to the Italian energy company. The transaction establishes a more balanced power structure, with Ares and Eni sharing joint control through board representation—Ares gains three seats including the chairman role, while Eni retains five board positions and the chief executive position.

The reorganization positions Plenitude to pursue expansion in renewable energy and energy infrastructure sectors. With a pre-money valuation of €10.75 billion, the company now operates with strengthened capital reserves and a revised governance framework designed to facilitate long-term strategic initiatives. Energy Infrastructure Partners maintains an 8.73% minority stake in the business.