RWE agreed on 22 June to acquire indirect stakes in Amprion, one of Germany's four transmission system operators, for about €3.6bn, taking its pro-rata holding to 55%.
Why RWE AG is buying Amprion (indirect stake via M31, rising to 55%)
RWE presented regulated grid ownership as a new investment pillar alongside its renewables and flexible generation businesses, giving it a larger share of the returns from Germany's transmission build-out.
Deal terms and financing
The stakes were bought from five shareholders of M31, the vehicle that holds 74.9% of Amprion; RWE's existing 25.1% is held through RWE Alkaios, its joint venture with Apollo. The price was covered by an equity raise of about €4bn, placing 74.3 million shares, in which QIA and NBIM together bought about €1bn. RWE expects to invest €6.5bn in Amprion's grid expansion by 2031, about €4bn of it linked to the larger stake.
Regulatory approvals and timing
The Federal Cartel Office granted unconditional clearance on 17 July and the transaction closed on 24 July 2026. Amprion remains an independent transmission operator under unbundling rules, and RWE accounts for the stake at equity.
Market context
Amprion runs an extra-high-voltage network of about 11,000km serving some 29 million people across seven federal states in western Germany, and is building several offshore wind grid connections.
