Post Luxembourg buys shares of Encevo SA, parent of Creos/Enovos
Post Luxembourg is set take over 4.71% in Encevo, the parent company of the energy utilities Creos and Enovos.
Post has signed an agreement with Engie, a global energy group, to take over its shares on Wednesday 21 February. This stake grants Post Luxembourg the right to representation on the boards of directors of Encevo, Enovos and Creos, according to a press release issued on 21 February 2018.
In 2016, the two big German energy firms REW and E.on sold their 28% stake in Enovos to the BCEE, SNCI, Ville de Luxembourg and Ardian.
The Post press release stated that this week’s acquisition is “a strategic convergence of two of the country's critical infrastructure providers in the context of digital transformation.”
“This wave of transformation is described in the Rifkin report (“The Third Industrial Revolution – Luxembourg”), which talks about the emergence of the “Energy Internet”, making Smart Grids; in other words, energy grids enhanced with information and communication technologies such as smart sensors (IoT/M2M) or the secure transmission of data collected from instantaneously and permanently interlinked websites. The use of data collected in this manner will create enormous potential in terms of energy saving, while at the same time creating new business models. This stake is therefore a strategic convergence of two of the country's critical infrastructure providers in the context of digital transformation. Over the last few years, POST Luxembourg has developed expertise in areas associated with the demands linked to these economic changes and is today a major player in the field of telecommunications networks, ICT and IT security.”
The Post Luxembourg Group is one of the largest employers in the country, with 4,320 staff working for the company and its subsidiaries at the end of 2016. Post was founded in 1842 as a public service and has been a wholly state-owned company since 1992.