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.

Eni (NYSE:E) said Monday it agreed to sell a 20% stake in its Plenitude renewable energy unit to Ares Management's (ARES) alternative credit arm for ~€2B ($2.3B), its second sale of a stake in the unit.

Investment manager Ares Management Corp. is acquiring a 20% stake in Eni’s Plenitude for approximately US$2.29 billion (2 billion euros).