Key Takeaways
- • Ares Management Corporation contributed more than €1 billion of a roughly €1.5 billion capital increase in Plenitude, the energy transition company controlled by Eni S.p.A., according to a Latham & Watkins announcement dated October 13, 2026.
- • The reorganization of Plenitude's shareholding and governance structure is based on a pre-money equity valuation of €10.75 billion and implies 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, which Latham & Watkins also advised on.
- • Latham & Watkins advised Ares on the transaction, led by London partners Calvin Ng and Neil Ferguson, with multiple practice teams covering financing, Italian law, FDI and merger control, and sanctions.
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 company controlled by Eni. According to the law firm's announcement, Ares and Eni S.p.A. together increased their capital contribution by approximately €1.5 billion, of which more than €1 billion is attributable to Ares. The contribution is based on a pre-money equity valuation of Plenitude of €10.75 billion, which implies an enterprise value for the company of €13.1 billion.
The transaction builds on Ares' first investment in Plenitude in 2025, when Ares Alternative Credit funds acquired a 20% stake in the business for approximately €2 billion. Latham & Watkins also advised Ares on that earlier deal. Commentary accompanying the announcement describes the new capital as strengthening Plenitude's capital structure and introducing an enhanced governance framework.
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, with 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 in the business for approximately €2 billion. Latham & Watkins also advised Ares on that earlier deal. Commentary accompanying the announcement describes the new capital as strengthening Plenitude's capital structure and introducing an enhanced governance framework.
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, with 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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