BDO advises RWE on forming a joint venture with Apollo Global Management
BDO advises RWE on forming a joint venture with Apollo Global Management
RWE and Apollo have established a joint venture for RWE's 25.1 percent stake in German transmission system operator Amprion to finance its future growth. As part of this transaction, a multidisciplinary team from BDO advised RWE with the preparation of various fact books, elements of the financial model and tax structuring.
RWE and Apollo Global Management, a global asset manager with extensive experience in infrastructure investments, have entered into a long-term partnership to secure financing for RWE's 25.1 percent stake in Amprion.
Amprion is one of four transmission system operators in Germany and operates an electricity grid that spans seven federal states and supplies around 29 million people with electricity. Amprion plans to invest heavily in grid expansion over the next ten years. This expansion is essential to drive forward Germany's energy transition.
Apollo will provide €3.2 billion to RWE on behalf of its managed funds and companies and will receive a stake in a newly formed joint venture (JV) in return. This JV will hold RWE's 25.1% stake in Amprion. RWE will receive the funds in advance and will then reinvest the proceeds in Amprion via the JV to support its network expansion program.
Throughout the entire project, BDO supported RWE with a specialised, multidisciplinary advisory team led by René Titze (Partner, Deal Advisory), who has assisted RWE with various transactions for many years. He was responsible for the financial and regulatory fact book, while Lutz Specht (Partner, Pensions) took charge of the pension fact book. Dr Günther Keller's team (Partner, Deal Advisory) provided support with financial modelling and valuation. In addition to preparing the tax fact book, Dr Michael Brauer and Christian Richter (both Transaction Tax partners) advised on the tax structuring of the joint venture and subsequent contractual arrangements from a tax perspective. The project team comprised advisors from various specialist areas, all of whom contributed to the project's success.
BDO advisors involved:
Financial, Regulatory and Pension Fact Book:
- René Titze (Partner Deal Advisory, Düsseldorf)
- Dr. Günther Keller (Partner Deal Advisory, Nuremberg)
- André Horn (Partner Deal Advisory, Hamburg)
- Klaus-Daniel Wiening (Partner Audit, Düsseldorf)
- Lutz Specht (Partner Pensions, Hamburg)
- Stefan König (Director Deal Advisory, Freelancer, Düsseldorf)
- Ronald Braun (Director Deal Advisory, Freelancer, Düsseldorf)
- Sebastian Steiner (Senior Consultant Deal Advisory, Düsseldorf)
- Hao Yue (Senior Consultant Deal Advisory, Düsseldorf)
- Henrik Julius Kruse (Senior Consultant Deal Advisory, Düsseldorf)
- Thorsten Diehn (Senior Consultant Pensions, Hamburg)
- Martin Funk (Senior Consultant Pensions, Hamburg)
Financial Model / Valuation:
- Dr. Günther Keller (Partner Deal Advisory, Nuremberg)
- Sebastian Schulz (Director Deal Advisory, Hamburg)
- Stefan König (Director Deal Advisory, Freelancer, Düsseldorf)
- Meghana Lakayil (Consultant Deal Advisory, Nuremberg)
- Maria Nesterova (Consultant Deal Advisory, Nuremberg)
Tax Fact Book / Tax structuring / Contract drafting:
- Dr. Michael Brauer (Partner Transaction Tax, Düsseldorf)
- Christian Richter, LL.M. (Partner Transaction Tax, Düsseldorf)
- Peter Müller, LL.M. (Manager Transaction Tax, Düsseldorf)
- Abdürrahim Akca (Senior Consultant Transaction Tax, Düsseldorf)
- Miriam Pieczyk (Senior Consultant Transaction Tax, Frankfurt)