Italy's Eni sells 20% of Plenitude unit to Ares for 2 billion euros

MILAN (Reuters) -Italy's Eni said on Monday it signed a deal with Ares Management Alternative Credit funds worth around 2 billion euros ($2.30 billion) for the sale of a 20% stake in its retail and renewable unit Plenitude.
The transaction, for which Mediobanca acted as Eni's financial adviser, gives Plenitude an equity value of 10 billion euros, corresponding to an enterprise value of more than 12 billion euros.
The deal is part of the Italian energy group's long-term strategy to find partners to jointly develop its businesses.
($1 = 0.8693 euros)

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