Ares Management Acquires Minority Stake in Plenitude for €2 Billion

Ares Management Corporation (“Ares”) (NYSE: ARES), a leading global alternative investment manager, announced today that Ares Alternative Credit funds (“Ares Alternative Credit”) have entered into a definitive agreement for the acquisition of a 20% stake in Plenitude, a leader in energy transition controlled by Eni, for approximately €2 billion. The consideration implies an enterprise value for Plenitude of over €12 billion. Completion of the transaction is subject to customary regulatory approvals.

Plenitude operates in over 15 countries worldwide, integrating a business model that combines over 4 GW of renewable energy production, as well as retail and energy solutions. The company serves more than 10 million customers and manages an extensive network of 21,500 charging points for electric vehicles.

“This transaction underscores the strength of the Ares platform, which leverages experience across its diversified businesses, including asset-based finance and renewables infrastructure, to deliver flexible capital at scale,” said Joel Holsinger, Partner and Co-Head of Alternative Credit at Ares. “We are excited to support Plenitude as the company executes its growth strategy focused on enduring profitability and positive community impact.”

“Plenitude is an established leader in energy transition, with a differentiated business model and an outstanding track record, and we are delighted to be part of its next phase of growth,” said Stefano Questa, Partner and Co-Head of European Alternative Credit.

Stefano Goberti, CEO of Plenitude, said, “I am pleased to welcome Ares, one of the world's leading investment funds, as a new shareholder in Plenitude. The deal is a further endorsement of the quality of our strategic approach, which combines economic and environmental sustainability in an integrated business model projected on the future of the energy sector. Ares, with its entry into the company, highlights the progression of Plenitude's value and becomes part of our growth journey, which we pursue with determination and conviction day after day.”

The Ares Alternative Credit strategy is a leading investor in asset-based finance, managing approximately $42.9 billion in assets under management as of March 31, 2025. The team invests across the capital structure and seeks opportunities in large, diversified portfolios across various sectors, including specialty finance, lender finance, equipment leasing, structured products, net lease, cash flow streams (e.g., royalties, licensing, management fees) and other asset-focused investments. Aligning Ares’ investment activities with its social impact, Ares and Ares Alternative Credit portfolio managers have committed to donate a portion of the performance fees from Ares Alternative Credit’s Pathfinder family of funds to support global health and education charities.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2025, Ares Management Corporation's global platform had approximately $546 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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