Italian energy group Eni MIL:ENI said on Thursday it was deconsolidating its retail and renewable energy unit Plenitude through a shareholding reorganisation and a new governance structure.
The transaction involves a non-proportional capital increase to be subscribed to by shareholders amounting to around 1.5 billion euros ($1.72 billion).
Of this total at least 1 billion euros is expected to be provided by asset manager Ares, which is already an investor in the unit.
Following the capital increase, Eni will have a equity stake of close to 65% in Plenitude.
($1 = 0.8709 euros)