(Il Sole 24 Ore Radiocor) - Milano, 19 mar - Italian energy company Eni said it had started a process to deconsolidate Plenitude through a reorganization of the renewables and retail unit's shareholding structure.

Plenitude is owned by Eni along with Ares Management Alternative Credit funds and Energy Infrastructure Partners.

The aim is to establish a new governance framework based on joint control between Eni and Ares in a move that will allow Eni to deconsolidate Plenitude from its financial statements.

The transaction involves a non-proportional capital increase to be subscribed to by the shareholders amounting to around 1.5 billion euros, of which at least 1 billion is expected to be provided by Ares.

Tthe operation is based on a 100% pre-money equity valuation of Plenitude of 10.75 billion euros and an implied enterprise value of 13.1 billion.

Following the capital increase, Eni expects to hold close to 65% of Plenitude, and expects to continue exercising direction and coordination rights.

The capital increase is designed to strengthen the capital.

structure of Plenitude.

(RADIOCOR) 19-03-26 14:18:35 (0457) 5 NNNN