RWE has reached an agreement with five shareholders of m31 to take a stake in m31, thus acquiring indirect shares in Amprion, one of Germany’s four Transmission System Operators (Amprion press release, 22/06/2026). Amprion’s direct ownership structure remains unchanged, since m31 will continue to hold 74.9% and the remaining 25.1% will be retained by RWE Alkaios Holding GmbH, a joint venture of RWE and Apollo Global Management. However, through this additional stake in m31, RWE will raise its indirect share in Amprion from 20% to 55%. The transaction worth a total of EUR3.6bn will be financed through an equity capital raise. It is subject to customary closing conditions, including required regulatory clearances, should close by end-2026.
Amprion operates an 11,000-km long extra-high-voltage grid that transports electricity for 29 million people across key industrial regions from the North Sea to the Alps. Following completion, Amprion will remain an independent transmission system operator in line with legal unbundling requirements. It will continue to operate under its existing brand and management team. RWE plans to invest EUR6.5bn in grid expansion in Germany through 2031.