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Amprion · Capital Increase · Energy Transition · RWE
German energy group RWE will acquire a majority 55% stake in transmission system operator Amprion for approximately €3.6 billion, funding the purchase and future grid expansion through a capital increase involving new share placements and treasury share sales to institutional investors.
RWE currently holds 25.1% of Amprion through a joint venture with financial investor Apollo. The acquisition from a consortium including Meag Munich Ergo and Talanx will increase RWE's indirect stake to 55%, with the transaction expected to close by the end of September.
The capital raise involves placing up to 74.4 million shares, issuing new shares representing up to 4.9% of share capital, and selling treasury shares up to 5.1% of share capital, excluding shareholders' subscription rights. RWE CEO Markus Krebber states this move creates attractive growth opportunities and secures additional investments through 2031, projecting the deal to be accretive to earnings per share from day one and raising the 2031 EPS target from €4.40 to €4.55.
Despite the increased stake, Amprion will maintain its independence, brand, and management, with RWE accounting for its stake using the equity method, as confirmed by Amprion CEO Christoph Müller. RWE reaffirms its €35 billion net investment plan through 2031 in renewables, battery storage, and flexible generation, alongside its €1.32 per share dividend target for fiscal 2026 and commitment to 10% annual dividend increases.