RWE AG - RWE increases stake in Amprion to a majority shareholding

RWE AG is reportedly considering increasing its stake in Amprion, Germany’s major transmission system operator, to a controlling 51% position by acquiring an additional 31% of the company, according to Bloomberg. This move would allow RWE to fully consolidate Amprion’s operations within its financial statements and align with a broader strategic shift in the company’s business model. Goldman Sachs has noted that the acquisition could position RWE similarly to Iberdrola, a diversified energy company with a strong infrastructure and renewables portfolio.

The proposed transaction would value Amprion at a modest premium to its 2026 Regulated Asset Base, below recent comparable deals. This follows a prior partnership between RWE and Apollo Global Management, which closed in late 2025, under which Apollo invested €3.2 billion in a joint venture to support Amprion’s grid expansion program. The partnership was structured to provide long-term funding for Amprion’s critical infrastructure investments, which are essential to Germany’s energy transition.

RWE’s increased stake in Amprion reflects its ongoing commitment to strengthening grid infrastructure while focusing on its core activities in power generation and energy trading, according to RWE’s press. The potential acquisition underscores RWE’s strategic direction to balance infrastructure investments with growth in renewable energy and flexible generation assets.