Eni’s low‑carbon unit, Plenitude, has agreed to purchase a portfolio of energy customers from ACEA Energy for €587 million (US$685 million). The deal includes more than 1.4 million retail customers in Italy, bringing Plenitude’s European customer base to over 11 million and reinforcing its position as a fast‑growing renewable‑energy retailer.
The transaction is structured to close by June 2026, with an additional €100 million payable if performance targets are met by mid‑2027, potentially raising the total consideration to €687 million. The acquisition gives Plenitude immediate access to a diversified set of end‑users, accelerating its goal of scaling biorefining and renewable‑energy operations across the continent.
Eni’s Q3 2025 earnings report showed a pro‑forma adjusted EBIT of €3.0 billion, up 12% quarter‑on‑quarter but down 6% year‑on‑year, and a net profit of €1.2 billion. The strong financial performance underpins the company’s confidence in pursuing further acquisitions to grow its renewable portfolio and support its broader transition agenda.
ACEA Energy, a subsidiary of Italy’s ACEA, is divesting its retail customer base to focus on regulated infrastructure and network operations. The sale is expected to free up capital for reinvestment in grid and water infrastructure, positioning ACEA as a more stable, regulated asset holder in a highly competitive energy market.
Market reaction to the announcement was modest but positive for Eni and slightly negative for ACEA. On the day following the announcement, Eni’s shares closed up 1.0% while ACEA’s shares fell 0.4%, reflecting investor confidence in Eni’s renewable‑energy expansion and a cautious view of ACEA’s shift away from the volatile retail market.
The deal exemplifies a broader trend in European utilities, where firms are either concentrating on growth‑oriented renewable retail businesses or on stable, regulated infrastructure. For Eni, the acquisition strengthens its transition strategy and provides a steady revenue stream that supports its raised cash‑flow guidance and share‑buyback program. For ACEA, the divestiture aligns with its strategic pivot toward infrastructure, potentially improving long‑term financial stability.
Overall, the transaction represents a significant step in Eni’s energy‑transition roadmap, adding scale, customer reach, and revenue diversification while allowing ACEA to sharpen its focus on regulated assets. The deal is expected to deliver tangible synergies and reinforce both companies’ strategic priorities in a rapidly evolving energy landscape.
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