Overview

• The 46% stake is being issued via a private placement of new shares, providing roughly €8.5 billion to support TenneT Germany’s rating and create a buffer for the Dutch state.
• APG said it will hold about 11% of TenneT Germany, while the split of the remaining 35% between Norges Bank and GIC has not been disclosed.
• TenneT Holding will retain 54% of the German unit, and the transaction remains subject to approvals with completion targeted in the first half of 2026.
• Germany’s economy ministry said it is still weighing a minority stake, with Dutch Finance Minister Eelco Heinen expecting more clarity by year-end.
• TenneT Germany operates over 14,000 kilometres of high-voltage lines, and the deal follows rising capital needs for grid expansion, including recent funding moves by peer Amprion.