Willkie Farr & Gallagher LLP
07/16/2025 | News release | Distributed by Public on 07/16/2025 13:51
Willkie advises Citi and DZ BANK on €3.1 billion capital increase of EnBW Energie Baden Württemberg AG
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Willkie advises Citi and DZ BANK on €3.1 billion capital increase of EnBW Energie Baden Württemberg AG
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July 16, 2025
Willkie Farr & Gallagher LLP advised Citigroup Global Markets Europe AG and DZ BANK AG Deutsche Zentral Genossenschaftsbank, as underwriters' counsel in connection with the capital increase of EnBW Energie Baden Württemberg AG, with a total volume of €3.1 billion.
Following the expiry of the subscription period, the final size of the capital increase was set at 53,556,139 new no-par value shares. EnBW's capital increase represents the largest in Germany since 2022 and is currently the largest equity capital markets transaction in the EMEA region in 2025.
The new shares were offered to existing shareholders via an indirect subscription right at a subscription price of EUR 58.00 per share. EnBW's two major shareholders each held a 46.75% stake prior to the transaction and committed to fully exercising their subscription rights. The new shares are expected to be admitted to trading on the regulated markets of the Frankfurt and Stuttgart stock exchanges on July 18.
EnBW is one of Germany's leading energy companies, operating across electricity, gas, and renewable energy.
The Willkie team was led by partner Simon Weiß and included partner Joseph Marx as well as associates Martin E. Kalbhenn and Niklas Keller. The team was further supported by partner Dr. David Huthmacher.
Following the expiry of the subscription period, the final size of the capital increase was set at 53,556,139 new no-par value shares. EnBW's capital increase represents the largest in Germany since 2022 and is currently the largest equity capital markets transaction in the EMEA region in 2025.
The new shares were offered to existing shareholders via an indirect subscription right at a subscription price of EUR 58.00 per share. EnBW's two major shareholders each held a 46.75% stake prior to the transaction and committed to fully exercising their subscription rights. The new shares are expected to be admitted to trading on the regulated markets of the Frankfurt and Stuttgart stock exchanges on July 18.
EnBW is one of Germany's leading energy companies, operating across electricity, gas, and renewable energy.
The Willkie team was led by partner Simon Weiß and included partner Joseph Marx as well as associates Martin E. Kalbhenn and Niklas Keller. The team was further supported by partner Dr. David Huthmacher.
Simon Weiss Partner Corporate & Financial Services Frankfurt [email protected] +49 69 7930 2333
Joseph W. Marx Partner Capital Markets Frankfurt [email protected] +49 69 7930 2332
Martin Kalbhenn Associate Capital Markets Frankfurt [email protected] +49 69 7930 2330
Niklas Keller Associate Corporate & Financial Services Frankfurt [email protected] +49 69 7930 2442
Dr. David Huthmacher Partner Corporate & Financial Services Munich [email protected] + 49 89 20304 7538
Related Practice Areas
Corporate & Financial Services Capital Markets Energy & Utilities
Related Locations
Frankfurt
An der Welle 4
D-60322 Frankfurt am Main
Munich
Brienner Straße 22
D-80333 Munich
Willkie Farr & Gallagher LLP published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 19:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]