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.
