De Brauw advised TenneT Holding on the sale of a 25.1% stake in TenneT Germany for EUR 3.3 billion to Kreditanstalt für Wiederanbau (KfW), acting on behalf of the German State. The German State has also committed to participate in primary equity contributions up to an amount of EUR 2.3 billion to uphold its stake once further capital contributions are made. With this transaction, TenneT Germany is valued at an enterprise value of approximately EUR 40 billion representing an EV/RAB multiple of 1.09. This transaction marks another significant milestone contributing to a robust and resilient European electricity system and therefore shaping the future of critical energy infrastructure.

This transaction builds on the previously announced EUR 9.5 billion equity commitment from a consortium of internationally renowned investors APG, GIC and NBIM.