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28 November 2025
TenneT Holding has reached an agreement with Kreditanstalt für Wiederaufbau (KfW), acting on behalf of the German government, on the sale of a 25.1% stake in TenneT Germany for approximately EUR 3.3 billion. This investment strengthens the financial position of TenneT Germany as the owner of strategic infrastructure in Germany. This transaction follows up on the previously announced equity commitment of EUR 9.5 billion of the three large institutional investors APG, GIC and NBIM.
The involvement of both private investors and the German government structurally strengthens TenneT Germany's capital base. This provides certainty for the necessary grid reinforcement in Germany and contributes to a robust and resilient European electricity system.
TenneT Holding will retain at least 28.9% of the shares in TenneT Germany. This gives TenneT Holding full participation in all important decisions. The synergy benefits of the collaboration between TenneT Netherlands and TenneT Germany will largely be retained, as both companies are jointly developing infrastructure that connects wind farms in the North Sea to the electricity grid in Europe.
Completion of the transaction is subject to customary conditions, including regulatory approval, and is expected to take place at the end of the first half of 2026.
Hengeler Mueller advised TenneT together with De Brauw Blackstone Westbroek on the transaction.
Hengeler Mueller team for TenneT
M&A: Marika Öry (Frankfurt, lead), Hans-Jörg Ziegenhain (Munich, both partner), Ioanna Tsotsa, Philipp Ersfeld (both Frankfurt), Patrick Hell (Munich, all senior associate), Paul Vogel, Laurids Schommers (both associate, both Frankfurt),
Corporate: Simon Patrick Link (partner), Sophie Miller-Blumenberg (associate, both Munich),
Tax: Matthias Scheifele (Partner, Munich), Marius Marx (counsel), Maximilian Maucher (senior associate), Karl Hummel (all Frankfurt), Miriam Friedrichs (Munich, both associate),
Antitrust: Daniel J. Zimmer (partner), Anja Balitzki (counsel, both Düsseldorf),
Public Law/Energy Law: Daniel J. Zimmer (lead), Dirk Uwer (both Düsseldorf), Jan D. Bonhage (Berlin, all partner), Paul David Rieger (senior associate, Düsseldorf), Nikolaus Wallraf, Henri Roth (both Berlin), Luca Bellotti (Düsseldorf, all associate),
IP/IT: Matthias Rothkopf (partner), Kim Josefine Weisser (senior associate, both Düsseldorf),
Financing: Daniela Böning, Pascal Brandt (both partner), Tobias Chowdhury (counsel, both Frankfurt).
