Latham & Watkins Advises Ares Management Corporation on €1 Billion Capital Contribution to Plenitude

Latham & Watkins has advised Ares Management Corporation, a leading 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. As part of the reorganization, Ares and Eni S.p.A. (Eni) increased their capital contribution by approximately €1.5 billion, of which more than €1 billion is attributable to Ares, based on a pre-money equity valuation of Plenitude of €10.75 billion. The transaction implies an enterprise value for Plenitude 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, a transaction on which Latham & Watkins also advised Ares.

The Latham team was led by London partners Calvin Ng and Neil Ferguson. Advice was also provided on financing matters by associate Sam Emmett; on Italian law matters by Milan partner Stefano Sciolla, with counsel Federico Amoroso, and associates Giulio Palazzo and Andrea Carvelli; on FDI and merger control matters by Paris partner Adrien Giraud and Brussels partner Philipp Studt; and on compliance and sanctions matters by New York partner Matt Salerno.