The German government intends to buy out 25.1% of the shares of the German division of the electricity grid operator TenneT Holding BV. This is reported in a Tennet press release.
The deal value is 3.3 billion euros ($3.9 billion) for a minority stake in TenneT Germany, which will be paid with the participation of the state-owned KfW bank.
Negotiations on a potential deal have been going on for several years. Dutch TenneT planned to sell the German division in 2024, but the cost of the deal turned out to be too high for the German government, given limited financial resources.
The Netherlands turned to private capital, and in September 2025, a consortium consisting of APG, GIC and Norges Bank agreed to pay 9.5 billion euros over four years in exchange for a 46% stake in TenneT Germany.
According to the agreement, Berlin will pay for a 25.1% stake in the summer of 2026 and invest an additional 1.5–2.34 billion euros by 2029. The Netherlands currently has no plans to further reduce the 28.9% of shares they own through Tennet.
The Netherlands controlled Germany's largest power grid in accordance with EU rules on the separation of transmission and power generation systems. As a result, the German EON SE sold the transmission network to TenneT. At the same time, the Belgian Elia Group owns a controlling stake in another large 50Hertz electric grid operator.
Since January 1, 2025, TenneT Holding B.V. has restructured the company, separating two independent operating divisions — TenneT Netherlands and TenneT Germany.
Germany strives to ensure strategic influence over the grid operators and, through KfW, owns stakes in 50Hertz and Transnet BW.
TenneT Holding B.V. is a Dutch company that operates an electric power transmission system and, through its subsidiaries, is engaged in the design, construction and maintenance of a high—voltage power grid in the Netherlands and in a large part of Germany.
Read also in our Telegram channel "Mergers and acquisitions. AK&M».
