RWE Is Said Near Deal to Boost Stake in €10 Billion Grid Amprion
(Bloomberg) -- German energy company RWE AG is nearing a deal to boost its stake in Amprion by buying stakes from Swiss Life and a German pension fund as part of a deal that could value the transmission grid at about €10 billion ($11.5 billion), according to people familiar with the matter.
RWE is in late stage talks to buy the stake of around 17% that Swiss Life currently holds in M31, a holding company that in turn owns a 74.9% stake in Amprion, the people said. Amprion transports electricity to about 29 million people and industrial consumers across seven federal states mainly in the west of the country.
The move to buy all or a part of Swiss Life’s stake, which hasn’t been previously reported, could be announced as early as next week, the people said, declining to be identified because the information is private. They added RWE will likely announce the acquisition of a 24% stake in M31 from AEBG, an investment group representing five major German medical pension funds, at the same time.
Representatives for RWE, Swiss Life and AEBG declined to comment.
Germany’s grid needs billions in investment as its buildout hasn’t kept pace with the expansion in renewable-energy output. Grid bottlenecks occur as most wind farms are located in the north of the country, but demand is centered in the industrial areas in the south, driving up costs for consumers.
RWE recently secured fresh capital in a deal with co-investor Apollo Global Management Inc, which has pledged to spend €100 billion in Germany. The two firms are investors in a joint venture that holds 25.1% in Amprion.
The move would highlight RWE’s return to regulated assets after having shed some of its offshore wind exposure recently. Amprion itself plans to invest around €42 billion by 2030.
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