The article claims that the decision to sell was made when Ardian was unable to progress with expansion plans and that it has appointed Natixis (CNAT.PA) as adviser for the sale. An auction is expected to take place this summer.

The Encevo Group in Luxembourg is composed of the energy company Enovos and the grid operator Creos and employs more than 1,500 people.

According to the Reuters article, it is 28% owned by the Luxembourg state, and a joint 26.2% stake is held by SNCI and BCEE. The City of Luxembourg holds 15.6%.