Gleiss Lutz has advised the Dutch Ministry of Finance on the investment of a consortium in German transmission system operator TenneT. The consortium comprises APG (on behalf of the pension fund ABP), the Norwegian sovereign wealth fund Norges Bank Investment Management and the Singaporean sovereign wealth fund GIC. The investors have agreed to invest up to EUR 9.5 billion for a stake of up to 46%. Closing of the transaction is subject to regulatory clearances.
Bayreuth-based TenneT Germany is one of the four major German transmission system operators (TSOs), with a grid covering more than 13,000 kilometres. The consortium’s investment supports the long-term investment needs of the German grid business, ensuring a workable governance structure while maintaining alignment with public energy and climate objectives.
The strategic investment was preceded by a dual-track process, during which both an initial public offering (IPO) and a private sale of a stake were prepared and assessed as possible options. The final decision between the two options was based on four criteria: the 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 Germany. After careful consideration, the Dutch State and Dutch TenneT Holding came to the conclusion that the investment of the consortium was the best solution.
A team from NautaDutilh led by Antonia Netiv, Stefan Wissing, Lisa Schoenmakers and Mauricette Schaufeli acted as lead counsel on the transaction.
The following Gleiss Lutz team led by Martin Hitzer (partner) and Katharina Bein (both Corporate, both Düsseldorf) advised the Dutch Ministry of Finance:
Dr. Cornelia Topf (partner), Dr. Antonius Mann (both M&A/Energy & Infrastructure, Frankfurt), Dr. Jacob von Andreae (partner), Dr. Lars Kindler (counsel, both Public Law/Foreign Trade/Energy & Infrastructure, Düsseldorf), Dr. Johannes Hieronymi (counsel, Corporate/Capital Markets, Frankfurt), Mark Grutzeck, Dr. Felix Lichtenhagen (both Corporate, Düsseldorf), Prof. Dr. Christian Arnold (partner, Stuttgart), Dr. Lisa Deckers (Düsseldorf), Eva Schiebsdat (all Employment, Munich), Dr. Stefan Mayer (partner), Dr. Dominik Monz (both Tax), Dr. Helge Kortz (partner, Banking & Finance), Dr. Birgit Colbus (counsel, Competition/Antitrust, all Frankfurt).
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