Ares Management Alternative Credit funds, affiliates of the alternative investment manager Ares Management, have agreed with Eni to acquire a 20% interest in Eni’s subsidiary, Plenitude, for €2bn ($2.

Ares Alternative Credit funds, managed by global alternative investment leader Ares Management Corporation (NYSE:ARES), have entered a definitive agreement to purchase a 20% stake in Plenitude, an energy transition company controlled by Eni,

Italian energy group Eni has sold a 20% stake in its retail and renewables business Plenitude to U.S. alternative investment manager Ares Management Corp for about 2 billion euros ($2.3 billion), it said on Monday.