Global law firm Clifford Chance has advised Ärztliche Beteiligungsgesellschaft S.A. (“AEBG”) on the sale of its entire 22.9% interest in M31 Beteiligungsgesellschaft, which holds a stake in German transmission system operator Amprion GmbH, to RWE AG.
In addition to AEBG’s interest, RWE is acquiring further indirect stakes in Amprion from other shareholders of M31 through a phased transaction process. Some of these shareholders were also advised by Clifford Chance. Upon completion of the acquisitions, RWE will increase its indirect ownership in Amprion, alongside its existing direct shareholding, to more than 55%. The aggregate purchase price for all acquisitions amounts to €3.6 billion.
All transactions are expected to close in the third quarter of 2026, subject to customary closing conditions, including the receipt of the required regulatory approvals.
With a transmission network spanning approximately 11,000-kilometre, Amprion operates one of Germany’s largest electricity transmission grids. The Dortmund-based company is developing direct connections to offshore wind farms in the North Sea and is interconnected with electricity networks in the Netherlands, Luxembourg, France, Austria and Switzerland. Amprion therefore plays a pivotal role in enabling the energy transition in Germany and across Europe.
Clifford Chance previously advised AEBG on the sale of an interest in M31 Beteiligungsgesellschaft to Klimavest, an infrastructure fund managed by Commerz Real.
The Clifford Chance team was led by partner Moritz Petersen and included of counsel Frank Scholderer, associates Debora Nöltner, Stefan Karle and Martin Tiedemann (all Corporate/M&A, Frankfurt), partners Gregor Evenkamp and associate Luis Freisler (both Funds & Asset Management, Munich), partners Stefan Herr and Olaf Mertgen, counsel Cord von Mandelsloh and senior associate Johannes Meyer (all Tax/Funds, Frankfurt and Düsseldorf), partner Dimitri Slobodenjuk and counsel Anne Filzmoser (both Antitrust, Düsseldorf) as well as senior partner Christian Kremer, senior associate Philippe Sadler (both corporate/M&A) and senior counsel Christian Lennig (tax/funds, all Luxembourg).
