Linklaters advises GIC on its investment in TenneT Germany

Linklaters has advised Singapore’s sovereign wealth fund GIC on its investment in TenneT Germany. Together with APG (investing on behalf of the Dutch pension fund ABP) and Norges Bank Investment Management (NBIM), the incoming investors will provide a primary equity commitment of up to EUR 9.5 billion in aggregate to TenneT Germany. The equity commitments will be contributed partly at initial close and partly in the years thereafter. The expected post-money ownership stake of the investing parties is 46%.

TenneT Germany operates a large part of Germany’s electricity grid, both onshore and offshore.  With this transaction, TenneT Holding and its sole shareholder the Dutch state secure the equity requirement for the expansion of TenneT Germany’s high-voltage grid for the years to come.

Completion of the transaction is subject to customary conditions including regulatory clearances and is expected to take place in the first half of 2026.

The Linklaters team is led by Andreas Müller (Partner, Private Equity, Frankfurt). Other team members include Dr. David-Julien dos Santos Goncalves (Partner, Antitrust & Foreign Investment Group, Dusseldorf), Pierre Zelenko (Partner, Antitrust & Foreign Investment Group, Paris), Alexei Franks (Partner, Tax, London), Christopher Bremme (Of Counsel, Energy / M&A, Berlin), Dr. Johannes Porsch (Managing Associate, Corporate / M&A, Frankfurt), Ann-Christin Käser (Managing Associate, Antitrust & Foreign Investment Group, Munich), Dr. Ruth-Jeannette Losch (Managing Associate, Energy / M&A, Berlin), Yéléna Nguema-Gracia (Associate, Corporate / M&A), Frankfurt), Sinan Günebakan (Associate, Antitrust & Foreign Investment Group, Dusseldorf), Lisa Sauer (Associate, Antitrust & Foreign Investment Group, Dusseldorf), Pierre Garenne (Associate, Antitrust & Foreign Investment Group, Paris) and Dr. Johannes Gottwald (Associate, Banking, Hamburg).