Germany Acquiring Stake in TenneT for EUR 3.3 Billion

TenneT Holding has reached an agreement with Kreditanstalt für Wiederaufbau (KfW) on behalf of the German State to sell a 25.1 per cent equity interest in TenneT Germany for approximately EUR 3.3 billion.

The agreement with the German State was reached some four months after three major institutional investors committed to a stake acquisition for a multi-billion-euro financial injection.

As reported in September 2025, Dutch pension asset manager APG (acting on behalf of pension fund ABP), the manager of Norway’s sovereign fund Norges Bank Investment Management (NBIM), and the Singapore sovereign wealth fund GIC agreed to invest a total of EUR 9.5 billion in the German transmission system operator (TSO). This transaction is expected to be completed soon, following regulatory approvals.

The completion of the transaction with the German State, which is also subject to customary closing conditions, including regulatory approval, is expected to take place by the end of the first half of 2026.

TenneT Holding said on 3 February that the involvement of both private investors and the German government structurally strengthened TenneT Germany’s capital base, providing certainty for the necessary grid reinforcement in Germany and contributing to a robust and resilient European electricity system.

The synergy benefits of the collaboration between TenneT Netherlands and TenneT Germany will largely be retained, the holding company said, as both companies are jointly developing infrastructure that connects wind farms in the North Sea to the electricity grid in Europe.

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Through the direct purchase of shares by KfW, TenneT will repay approximately EUR 3.3 billion on the shareholder loan from the Dutch State, according to the holding company.

The expected equity value after the initial capital injection of the three institutional investors is approximately EUR 13.3 billion at the time of closing of the transaction, and the German state will purchase shares on the same valuation basis as applied in the transaction with the three institutional investors.

At closing, KfW will acquire a 25.1 per cent stake for approximately EUR 3.3 billion, based on the same share value after the first capital injection from the three institutional investors. This acquisition will take place through the sale of shares held by TenneT Holding in TenneT Germany.

The German State will participate in follow-up payments made by the three institutional investors to meet TenneT Germany’s capital needs over time, so that its 25.1 per cent stake will not be diluted. The three institutional investors aim to gradually acquire a 46 per cent stake in TenneT Germany, and TenneT Holding’s stake is expected to be diluted over time to 28.9 per cent.

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