Overview

• The Dutch finance ministry said APG, Norges Bank Investment Management and GIC invested €9.5 billion for a 46% stake in Tennet Deutschland.
• The Dutch state will retain the remaining shares, preserving majority control of the transmission operator.
• Dutch finance minister Eelco Heinen said Germany has expressed interest in a minority stake and he supports that participation.
• The transaction follows years of efforts to ease the Dutch state's burden, including exploring an IPO and seeking external investors.
• Officials cite the high cost of maintaining and expanding the German high‑voltage network, which Tennet has been unable to finance on its own.