Ares acquires 20% of Eni Plenitude in €2bn transaction supported by structured debt financing

Crédit Agricole Corporate and Investment Bank and UniCredit S.p.A. structured an innovative debt component supporting the acquisition by funds managed by Ares Management Alternative Credit (“Ares”), part of the leading global alternative investment manager Ares Management Corporation (NYSE: ARES), of a 20% stake in Eni Plenitude S.p.A. Società Benefit (Eni Plenitude). The overall value of the acquisition was approximately €2 billion.

This financial transaction makes use of securitisation techniques but does not qualify as a “securitisation” within the meaning of the European Union and United Kingdom securitisation regulatory frameworks.

Eni Plenitude operates in more than 15 countries worldwide under a business model that integrates electricity generation from renewable sources, with an installed capacity of 4.8 GW, and the sale of energy and energy solutions across Europe. The company serves 10 million customers and operates an extensive network of over 22,000 electric vehicle charging points.

A&O Shearman assisted Crédit Agricole Corporate and Investment Bank and UniCredit S.p.A. The A&O Shearman team was led by partner Pietro Bellone, assisted by senior associate Fabio Gregoris and trainee Luca Marchesini. The team worked in coordination with partner Pietro Scarfone, associate Valentina Calò and trainee Antonio Bussolino on matters ancillary to the structuring of the transaction. Counsel Elia Ferdinando Clarizia handled the tax aspects.