A
APG, GIC, Norges Bank Investment Management
Acquirer counsel
Acquirer counsel not yet recorded
Rainmaker
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De Brauw Blackstone Westbroek advises TenneT Holding on $11.2 billion sale to APG, GIC and Norges Bank Investment Management
Deal Overview
- Value
- $11.2bn
- Deal type
- M&A
- Structure
- Data in progress
- Status
- Data in progress
Advisors
ACQUIRER
T
TenneT Holding
Seller counsel
Clifford Chance
Individual advisers not yet recorded
Clifford Chance Overview
- TenneT Holding is the state-backed Dutch power grid company, and the stake sale is centered on its German transmission business, TenneT Germany. Management framed the transaction as preserving TenneT's position as Europe's leading cross-border transmission system operator while funding grid expansion.
- TenneT agreed to sell a 46% stake in TenneT Germany to APG, GIC and Norges Bank Investment Management, raising up to EUR 9.5 billion in new equity. The capital will be funded partly at closing and partly in later years, with the full amount expected by 2029, and TenneT will retain 54% after completion.
- Closing is expected in the first half of 2026, subject to regulatory clearances. TenneT also said it plans talks with Germany's state development bank KfW about a possible co-investment alongside the institutional buyers.