Latest news with #JoelHolsinger
Yahoo
25-06-2025
- Business
- Yahoo
Eni Sells 20 Percent of RE Unit to Ares
This article was first published on Rigzone here Eni SpA has signed a deal to divest 20 percent of its renewable energy (RE) arm to Ares Management Corp. for around EUR 2 billion ($2.32 billion). The sale places an equity value of EUR 10 billion on Eni Plenitude SpA Societa Benefit, 'which corresponds to an enterprise value of over 12 billion euros', Italian state-backed Eni said in an online statement. 'The transaction further strengthens Plenitude's market value, reaffirming the robustness of its business model, which integrates renewable energy production, energy sales and services for households and businesses, as well as charging solutions for electric mobility', Eni said. Earlier Energy Infrastructure Partners (EIP) raised its stake in Plenitude to 10 percent by injecting EUR 209 million in additional capital. Including EUR 588 million paid March 2024, EIP has invested about EUR 800 million in Plenitude. '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', Joel Holsinger, partner and co-head of Alternative Credit at Ares, said in a separate press release. Plenitude's installed generation capacity from renewable sources rose to four gigawatts (GW) last year according to Eni. Plenitude plans to reach 10 GW of renewable capacity by 2028. Plenitude is active in over 15 countries. It counts more than 10 million retail customers, as well as 21,500 electric vehicle charging points, according to Eni. Take control of your THOUSANDS of Oil & Gas jobs on Search Now >> 'The agreement with Ares is part of Eni's development of its satellite model', Eni said. The model involves, in the company's words, 'creating focused and lean companies able to attract new capital to create value through operating and financial synergies and the acceleration of growth'. Recently KKR & Co. Inc. completed the purchase of a 25 percent stake in another Eni company, biofuels developer Enilive. That would be raised to 30 percent after the completion of a later agreement. 'The overall proceeds for Eni group, after accounting for cash adjustments and other items, amount to EUR 2.967 billion, including a capital increase in Enilive of EUR 500 million to support the company's growth plan', Eni said March 6, 2025. 'Enilive, with its integrated business model, represents a prime example of the progress of the business satellite model, further confirmed by a post-money valuation of EUR 11.75 billion of Equity Value for 100 percent of Enilive's share capital and KKR's commitment to strengthen its role as a key partner through an agreement, announced to the market on 18 February, to increase its stake in Enilive by a further 5 percent'. To contact the author, email More From The Leading Energy Platform: Oil Prices Dropped 'Significantly' Following Ceasefire News FLNG Gimi Reaches Commercial Operation Oil Market Sees 1 in 5 Chance of Material Gulf Disruption North America Rig Count Stays Flat >> Find the latest oil and gas jobs on <<
Business Wire
23-06-2025
- Business
- Business Wire
Ares Management Acquires Minority Stake in Plenitude for €2 Billion
LONDON & MILAN--(BUSINESS WIRE)--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
Associated Press
31-03-2025
- Business
- Associated Press
Joel Holsinger Appointed Co-Chair of the Ares Charitable Foundation
Ares Management Corporation (NYSE:ARES) ('Ares') announced today that Joel Holsinger, Partner and Co-Head of Ares' Alternative Credit strategy, was appointed to the Board of Directors of the Ares Charitable Foundation (the 'Ares Foundation') to serve as Co-Chair alongside current Chair, Michael Arougheti, Chief Executive Officer of Ares. Since its launch in 2021, the Ares Foundation has committed more than $66 million to a global portfolio of nonprofit organizations to help people access the knowledge, resources and opportunities needed to chart pathways to self-sufficiency and drive strong local economies. To do so, the Ares Foundation awards grants and funds initiatives that strive to help individuals train and reskill for quality jobs, launch and scale businesses, and build personal financial knowledge so that they achieve economic mobility. The Ares Foundation's funding approach was initially inspired by Ares Alternative Credit's Pathfinder family of funds, for which Ares and the funds' portfolio managers have pledged to donate at least 5 to 10% of the performance fees earned to support global health and education charities. Today, 24 Ares funds have committed up to 5% of their annualized, realized net performance income to enable the Ares Foundation's work. 'I am pleased to welcome Joel as Co-Chair of the Ares Foundation, adding his deep passion for charitable giving and his exceptional investing acumen to our efforts,' said Mr. Arougheti. 'Given his role in spearheading the Alternative Credit team's charitable tie-in initiative and his extensive experience working first-hand with non-profit organizations to help improve people's lives, we are confident that his leadership will help accelerate our long-term objectives.' 'I joined Ares with a personal commitment – and the unwavering support of Ares' leadership – to align our investing activity with a greater purpose,' said Mr. Holsinger. 'Since then, the Ares Foundation has enabled us to expand the Firm's charitable giving and inspire more of our team members in their work and personal lives. I am deeply humbled to join the Ares Foundation Board as we continue to deliver on our objective to create more access and opportunity for people around the world.' 'Joel has championed and staunchly supported our mission since the Ares Foundation launched four years ago,' said Michelle Armstrong, President of the Ares Foundation. 'He had foresight to encourage a charitable tie-in with the Firm's investment activities, and that model has helped provide durable funding for the Ares Foundation's efforts to address some of society's most pressing challenges. His personal philanthropic ethos coupled with his respected leadership will no doubt help advance our strategic grantmaking and initiatives, and we look forward to partnering with him to increase our global reach and impact.' About the Ares Charitable Foundation The Ares Charitable Foundation (the 'Ares Foundation)' envisions a world in which people have access to the knowledge, resources and opportunities needed to help chart pathways to self-sufficiency and drive strong local economies. Established in 2021 as a 501(c)(3) qualifying organization of Ares Management Corporation ('Ares' or the 'Firm'), we strive to advance economic mobility by helping people prepare and reskill for quality jobs, launch and scale businesses, and build personal financial knowledge. We execute our philanthropy with the same rigor, discipline and entrepreneurial spirit that Ares brings to its investment activities and business operations. Furthermore, we aim to ensure that these efforts help demonstrate Ares' core values—to be collaborative, responsible, entrepreneurial, self-aware and trustworthy—in action. 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 December 31, 2024, including the acquisition of GCP International which closed on March 1, 2025, Ares Management Corporation's global platform had over $525 billion of assets under management, with operations across North America, Europe, Asia Pacific and the Middle East. For more information, please visit SOURCE: Ares Management Corporation Copyright Business Wire 2025. PUB: 03/31/2025 06:30 AM/DISC: 03/31/2025 06:30 AM
