AXA PE invests €330m in Enovos

AXA PE is now the second largest shareholder in the company after the state of Luxembourg, which holds just over 25%. The firm has bought ArcelorMittal's entire stake in the business.

AXA PE invested through its third infrastructure fund in an all-equity transaction. The firm has a long-term buy and hold strategy of 10-15 years during which it will help the company consolidate its position in the Luxembourg energy market, where it currently holds a near-100% market share in grids and gas & electricity supply.

The company also has plans to grow into the eurozone, particularly neighbouring France and Germany, according to the GP.

AXA stated it will pay investors returns via regular dividends.

Other shareholders of the company are Luxembourg investment bank SNCI (10%), German utility companies RWE (18.4%) and EON (10%), Belgium energy company Electrabel (4.7%) and the city of Luxembourg.

Company
Enovos is an integrated utility company that generates and supplies power, including renewable energy. Since its launch in Luxembourg in 2009, the company has started business in neighbouring Germany. The group's turnover stood at €2.4bn in 2011, generating an EBITDA of €216m. It employs more than 1,300 people.

People
Benoît Gaillochet and Andrew Liau are managing directors at AXA PE.

Advisers
Equity – BNP Paribas (Corporate finance); Clifford Chance (Legal); Accuracy (Financial due diligence); Taxand (Tax); Roland Berger (Commercial due diligence); Willis (Insurance due diligence); Nera Economic Consulting (Regulation); E-Bridge (Technical due diligence).
Vendor – Goetz & Partners (Corporate finance); Cleary Gottlieb Steen & Hamilton (Legal).

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• Topics
• Expansion
• Infrastructure
• Benelux
• BNP Paribas
• Axa Private Equity
• Clifford Chance