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AXA PE to acquire EUR330 million stake in Enovos

AXA Private Equity, the leading European diversified private equity firm, is to acquire a 23.48% stake in Enovos from ArcelorMittal for EUR330 million through its latest Infrastructure fund. 

 
Headquartered in Luxembourg, Enovos is an integrated utility company focused on electricity and gas transmission and supply as well as power generation including renewables. Its core activities are based in Luxembourg and Germany. With this investment AXA Private Equity now becomes the company’s second largest shareholder after the State of Luxembourg with a 23.48% equity stake.
 
Enovos is a highly strategic company, geographically well-positioned at the heart of the EU and based in a strong domestic market which is one of the most resilient in Europe. The company has a leading domestic position with strong growth potential to expand in other surrounding markets. Since its creation in 2009, Enovos has already consolidated the majority of gas and power grids in Luxembourg, and leads the supply of gas and electricity in the country. The company has a sound growth strategy to pursue its mission as leading energy operator in Luxembourg, while taking advantage of market opportunities in neighbouring markets
 
Mathias Burghardt (pictured), Head of Infrastructure at AXA Private Equity, says: “We appreciate the long term attractiveness and the conservative financial profile of the company. AXA Private Equity highly values the opportunity to become a long term investor and a strategic partner of Enovos. This transaction is a major milestone in our strategy of growth in the Eurozone’s energy sector, provides geographic diversification  of our portfolio into Luxembourg and Germany, and demonstrates the continued ability of our team to originate proprietary deal flow for our investors..”
 
Enovos has over 1,300 employees and more than 280,000 points of delivery (electricity and natural gas). The company has around 9,500 km of electric lines and 3,500 km of gas pipelines. In 2010, the group had a turnover of EUR1.5 billion.
 

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