RWE is set to become the majority owner of German transmission system operator (TSO) Amprion after agreeing to acquire additional indirect shares in the company and completing a EUR 4 billion equity capital raise to finance the transaction.
The German energy company announced on 22 June that it had reached agreements with five shareholders of investment vehicle M31 to acquire indirect stakes in Amprion for a total of EUR 3.6 billion. Upon completion, RWE’s pro-rata ownership in the TSO will increase to 55 per cent from 25.1 per cent.
Amprion is one of Germany’s four transmission system operators and manages an approximately 11,000-kilometre extra-high-voltage network supplying around 29 million people, according to RWE. In addition to onshore transmission infrastructure, Amprion is also actively involved in the offshore wind grid market, with several offshore grid connections in development or under construction.
The deal builds on RWE’s existing investment in Amprion through RWE Alkaios, its joint venture with Apollo Global Management, which acquired a 25.1 per cent stake in the grid operator in 2025.
Alongside the stake acquisition, RWE has committed to providing a total of EUR 6.5 billion by 2031 to support the expansion of Amprion’s regulated grid infrastructure. Around EUR 2.5 billion had already been allocated under its existing ownership position, with a further EUR 4 billion to follow the increased stake.
To fund the acquisition and future investment commitments, RWE launched and completed an equity capital raise on 22 June. The company placed 74.3 million shares, including newly issued shares and treasury shares, generating gross proceeds of approximately EUR 4 billion.
According to RWE, the offering was significantly oversubscribed, with cornerstone investors Qatar Investment Authority and Norges Bank Investment Management (NBIM) acquiring shares worth around EUR 1 billion in total.
RWE said the acquisition is expected to close in the third quarter of 2026, subject to customary regulatory approvals.