Amprion Acquisition, Valuation, Funding & Investors

Amprion was acquired by RWE for $12B in June 2026, a 1.7x multiple on $7B of revenue.

Amprion acquisition price

$12B

Acquired by RWE · Jun 2026

Amprion revenue at acquisition

$7B

Last twelve months · Jun 2026

Amprion revenue multiple at acquisition

1.7x

EV/Revenue · Jun 2026

Amprion EBITDA multiple at acquisition

6.9x

EV/EBITDA · Jun 2026

Amprion Overview

About Amprion

Amprion is a transmission system operator managing the high-voltage electricity grid across western and northwestern Germany. The company oversees 11,000 kilometers of lines at 110 to 380 kilovolts, connecting power plants to distribution networks. As one of four major German grid operators, Amprion ensures stable energy supply and integrates renewable sources like offshore wind farms in the North Sea.


Founded

2003

HQ

GermanyDortmund

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Revenue

$7B (Jun 2026)

Valuation

$12B (acquired Jun 2026)

Amprion Acquisition

Amprion was acquired by RWE for $12B on 21 June 2026.

The acquisition price implies a 1.7x revenue and 6.9x EBITDA multiple on $7B of revenue.

Before the acquisition Amprion had raised $880M across 2 funding rounds.

German utility RWE acquired an additional indirect 35% stake in transmission system operator Amprion for $4.1 billion (€3.6 billion), raising its total holding to 55% and securing majority control of the €10 billion grid asset. The deal, valued at 1.07x Amprion's 2027 Regulated Asset Base (RAB), is expected to close in Q3 2026 pending regulatory approvals. RWE will invest $7.4 billion through 2031 for Germany's grid expansion, with $4.5 billion linked to the increased Amprion stake. The acquisition is financed via a €4 billion equity capital raise, yielding approximately €4 billion in gross proceeds. Amprion plans to invest €42 billion by 2030 for grid modernization. The transaction is EPS accretive from day 1 and expected to contribute €930 million in adjusted core profit by 2031. RWE previously held 20% via a joint venture with Apollo Global Management; the new stake elevates ownership to 55%.

Amprion acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
21 Jun 2026Strategic M&A$12B1.7x6.9x

Sources: rwe.com, amprion.net, renewablesnow.com

Amprion Funding History

Amprion has raised a total of $880M across 2 funding rounds.

Amprion's first fundraising round was a $880M undisclosed-stage round in December 2024. The most recent completed round was a undisclosed-stage round in March 2026.

Amprion funding rounds

Amprion funding rounds
DateStageInvestorsRaisedDeal Summary
Mar 2026Undisclosed stageAllianz Global Investors--
Dec 2024Undisclosed stageRWE$880MAmprion, one of Germany's four transmission system operators (TSOs), operates the grid across seven federal states serving 29 million people. On an approximate date matching 18/12/2024, Amprion completed a €2.2 billion equity capital increase from shareholders, including M31 Beteiligungsgesellschaft (consortium of German institutional investors) and RWE Alkaios Holding (RWE-Apollo JV), to fund its grid expansion for Germany's energy transition. This capital injection supports Amprion's ambitious investment program, recently raised to €36.4 billion through 2029 (up 32% from prior plan), amid needs for renewable integration and fossil fuel replacement. RWE's involvement ties to its 25.1% stake, funded via a JV with Apollo that closed in Nov 2025 after €3.2B equity commitment announced in Sep 2025. The transaction underscores stable dividends from Amprion's regulated asset base and long-term capex for critical infrastructure, with RWE retaining operational control.

Who has invested in Amprion?

2 investors have backed Amprion across its funding rounds, including Allianz Global Investors and RWE.


Amprion Investors

Investors in Amprion by funding rounds participated
InvestorHQRoundsRoleFirst check

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Amprion Competitors

Amprion competitors include listed companies like GAIL (India), GE Vernova T&D India, AltaGas and Frontline, and private ones like FirstEnergy Transmission and Columbia Pipelines Holding Company.

Public and private companies comparable to Amprion
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
FirstEnergy TransmissionUnited StatesAkron, OHPrivate$1.9B-$12B6.3x
GAIL (India)IndiaIndiaPublicly listed$15B$1.5B$12B0.9x
GE Vernova T&D IndiaIndiaIndiaPublicly listed$647M$170M$12B15.5x
AltaGasCanadaCanadaPublicly listed$9.1B$1.4B$12B2.1x
FrontlineUnited StatesUnited StatesPublicly listed$2B$929M$12B6.3x
Columbia Pipelines Holding CompanyCanadaCalgaryPrivate$2.8B$2.3B$13B4.7x

Amprion Public Comps

Amprion is no longer listed, but its public comps include GAIL (India), GE Vernova T&D India, AltaGas, Frontline, Keyera, DT Midstream, Forgent Power Solutions, Antero Midstream, Sigenergy Technology Co and Hitachi Energy India.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GAIL (India)$15B$1.5B1.0x0.9x9.5x10.5x
GE Vernova T&D India$647M$170M17.7x15.5x67.5x58.7x
AltaGas$9.1B$1.4B2.2x2.1x14.1x13.8x
Frontline$2B$929M7.2x6.3x15.2x7.1x
Keyera$4.9B$814M3.5x2.7x20.8x16.9x
DT Midstream$1.2B$1B13.0x12.3x15.7x13.5x
Forgent Power Solutions$1.4B$249M7.9x6.8x44.9x29.3x
Antero Midstream$1.3B$960M10.9x10.6x14.3x11.5x

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Common questions about Amprion

When was Amprion founded?Amprion was founded in 2003.
Where is Amprion headquartered?Amprion is headquartered in Dortmund, Germany.
Is Amprion publicly listed?No, Amprion was acquired by RWE in June 2026.
Who acquired Amprion?Amprion was acquired by RWE in June 2026.
How much was Amprion acquired for?Amprion was acquired for $12B in June 2026, a 1.7x revenue multiple.
How much funding has Amprion raised?Amprion has raised $880M across 2 funding rounds.
What was Amprion's last funding round?Amprion's last funding round was a undisclosed-stage round in March 2026.
Who are Amprion's investors?Amprion's investors include RWE and Allianz Global Investors.
Which companies are comparable to Amprion?Companies comparable to Amprion include FirstEnergy Transmission, GAIL (India), GE Vernova T&D India, AltaGas, Frontline and Columbia Pipelines Holding Company.

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