Overview

• The Dutch state will retain 54% of the operator, valuing TenneT Deutschland at about €40 billion in the transaction.
• Closing is targeted for the first half of 2026, subject to customary approvals.
• TenneT plans talks with Germany’s KfW on a possible minority role after Berlin reiterated interest in joining.
• The financing is intended to support roughly €65 billion of investments through 2029, with peak spending expected in 2027 and 2028.
• The Dutch government set aside a planned Frankfurt IPO in favor of a negotiated minority sale to long-term institutional investors.