A&O Shearman assisted Crédit Agricole Corporate and Investment Bank and UniCredit S.p.A. in the structuring of an innovative financing component of the debt package supporting the acquisition by Ares Management Alternative Credit funds ("Ares"), affiliates of leading global alternative investment manager Ares Management Corporation (NYSE: ARES), of a 20% stake in Eni Plenitude S.p.A. Società Benefit (Eni Plenitude). The acquisition had an overall value of approximately EUR2 billion.
This financing uses securitization techniques but does not constitute a "securitization" for the purposes of the EU and UK securitization regulatory frameworks.
Eni Plenitude operates in over 15 countries worldwide, integrating a business model that combines over 4,8 GW of renewable energy production, energy sales, and solutions across Europe. The company serves 10 million customers and manages an extensive network of over 22,000 charging points for electric vehicles.
The A&O Shearman team was led by structured finance partner Pietro Bellone, supported by senior associate Fabio Gregoris and trainee Luca Marchesini. The team worked alongside debt finance partner Pietro Scarfone, associate Valentina Calò and trainee Antonio Bussolino on lending aspects that were instrumental to structuring the transaction. Counsel Elia Ferdinando Clarizia advised on tax matters.
Partner Pietro Bellone commented: "We are pleased that the Sponsor and the lenders have welcomed the use of securitization techniques to support the acquisition financing. Structured finance has become an important tool for combining bank funding with private capital, and we were the first to champion its use in significant debt finance transactions.
"This new deal adds to our Firm's meaningful role in advancing the integration of diverse forms of financing in the market."