White & Case advises EnBW on sale of second minority stake in transmission system operator TransnetBW

Global law firm White & Case LLP has advised EnBW Energie Baden-Württemberg AG (EnBW) on the sale of a second minority stake of 24.95 percent in transmission system operator TransnetBW GmbH (TransnetBW) to Kreditanstalt für Wiederaufbau (KfW).

Following the entry of the Südwest consortium led by SparkassenVersicherung in May 2023, Germany’s federal government has acquired a further minority stake of 24.95 percent via KfW. KfW had an acquisition option for the second minority share, which it has now exercised at identical market conditions determined by EnBW during the sales process. TransnetBW is one of four transmission system operators in Germany.

Following the signing of the transaction, EnBW completes the partial sale process of TransnetBW, in which it remains the majority shareholder, that was announced in February 2022. Completion of the transaction is subject to approval by the relevant antitrust authorities and is expected in November. The parties have agreed not to disclose any financial details.

The White & Case team that advised on the transaction was led by partners Jörg Kraffel (Berlin) and Thomas Burmeister (Düsseldorf) and counsel Carsten Rodemann (Berlin), and included partners Florian Degenhardt, Hendrik Röger (both Hamburg) and Tim Bracksiek (Frankfurt), local partners Alisa Preissler (Frankfurt) and Thilo Wienke (Düsseldorf), counsel Andreas van den Eikel, Dirk Eisolt, Christoph Arhold and Kathrin Ahting (all Berlin), and associates Fabian Mayer, Constantin Meimberg, Martin Junker, Victor Thonke (all Berlin), Petra Kistner, Verena van Eik (both Düsseldorf), Martin Riederer (Hamburg), Sonja Sehr and Maximilian Roth (both Frankfurt).

Press contact
For more information please speak to your local media contact.