Economy minister announces acquisition of 4.71% stake.

POST Luxembourg has signed an agreement with global electric utility company ENGIE to take over its stake in Encevo, the parent company of Creos and Enovos.

The acquisition of the 4.71% stake was announced by Luxembourg’s economy minister, Etienne Schneider, on Wednesday.

POST described the deal as a “covergence of two of the country’s critical infrastructure providers” in the context of digital transformation.

The move will bring the groups together for “closer future collaboration” in the planning of infrastructure and networks.

POST will also have representation on the board of directors of Encevo, Enovos and Creos, writes luxtimes.lu.

Encevo’s 2016 annual report shows a net profit of €83.2 million, up from €80.6 million in 2015.

Its earning before interest, taxes, depreciation and amortisation stood at €262.3 million – a record level for the company.

The Encevo group employs more than 1,500 staff and operates more than 9,700km of electrical power lines and more than 3,700km of gaslines.