The consortium has agreed to invest a total of up to EUR 9.5 billion for an expected stake of approximately 46%. The closing of the transaction is conditional upon obtaining the necessary regulatory approvals.
The NautaDutilh team was led by Antonia Netiv, Stefan Wissing, Mauricette Schaufeli and Lisa Schoenmakers.
“We are proud to have supported the Dutch State on this strategically important and complex transaction,” says Listed companies partner Antonia Netiv. “The partial sale ensures long-term capital investment into TenneT Germany,” says Listed companies partner Stefan Wissing. Lisa Schoenmakers, partner in the Energy, Transition and Infrastructure team, adds: “This transaction is an excellent example of balancing public ownership and supporting the energy transition.”
NautaDutilh worked closely with Gleiss Lutz (German legal counsel) and Rothschild & Co (financial advisor to the Dutch State).
About TenneT Germany
TenneT Germany is one of the four major transmission system operators (TSOs) in Germany. Its operations form a critical part of the country’s energy infrastructure and the broader European energy transition. The sale of this stake supports the long-term investment needs of the German grid business, ensuring a workable governance structure for TenneT, while maintaining alignment with public energy and climate objectives.
About the strategic sale
NautaDutilh advised the Dutch State through a carefully managed dual-track process, during which both a potential initial public offering (IPO) and a private sale were explored. An assessment has been made using four criteria: financial consequences for the Dutch State, a market-based price, preservation of the contribution to Dutch public interests and a workable governance structure for TenneT. Ultimately, the Dutch State and TenneT agreed that the private placement of a minority stake with a select group of institutional investors is the best solution.
