Frankfurt/Main – EnBW Energie Baden-Württemberg AG has completed a capital increase with subscription rights with an issue volume of EUR 3.1 billion. The transaction is the largest capital increase in Germany since 2022 and is also the largest equity measure in the EMEA region so far in 2025.
The new shares were offered to shareholders by way of an indirect subscription at a subscription price of EUR 58 per share. EnBW's two main shareholders, NECKARPRI Beteiligungsgesellschaft mbH, owned by the state of Baden-Württemberg, and OEW Energie-Beteiligungs GmbH, owned by Zweckverband Oberschwäbische Elektrizitätswerke, each exercised their subscription rights in full. The new shares are expected to be admitted for trading on the regulated market of the stock exchanges in Frankfurt and Stuttgart on 18 July 2025.
A CMS team led by Dr Karsten Heider and Philipp Melzer comprehensively advised EnBW on all legal aspects of the transaction. CMS regularly advises EnBW on complex mandates, in particular in M&A, in corporate and in banking & finance.
The in-house legal team of EnBW executing the transaction consisted of Patrizia Berck (lead), Dr Bernd Wörner (corporate law) and Nils Katzmark (capital markets law).
EnBW Energie Baden-Württemberg AG is one of the largest utilities in Germany and Europe. The company operates in the fields of power generation and grids as well as in end customer business and is driving the transformation of the energy system with innovative solutions and long-term investments.
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