Behind the Deal: The TenneT Landmark - Shaping Europe’s Energy Transition

In the summer of 2024, Lazard was chosen to advise TenneT Holding on one of the most complex and strategically significant energy infrastructure transactions in Germany in recent years. The mandate came at a pivotal moment for the European energy landscape, with utilities and governments seeking long‑term capital solutions to support grid expansion, electrification and the continent’s broader decarbonisation agenda. 

Lazard’s Behind the Deal video offers a look inside this multifaceted process. The transaction required navigating a uniquely intricate set of circumstances: multiple stakeholder groups across borders, public and private interests that needed to be carefully aligned, and two parallel transaction paths that were advanced in tandem until the final stages. The outcome was shaped not only by financial considerations, but also by regulatory, strategic and political factors reflective of the energy transition’s importance to Germany and the wider region. 

The video highlights the collaborative efforts of Lazard teams in Frankfurt, Munich, Amsterdam and Paris, who worked seamlessly across offices to support TenneT Holding. Their work illustrates how thorough analysis, disciplined execution and cross‑border coordination are essential when advising on transactions that sit at the intersection of infrastructure, energy policy and capital markets. 

Through conversations with members of the advisory team, the episode sheds light on what investment banking at Lazard looks like in practice - from the fast pace and intellectual challenge of complex assignments to the shared sense of purpose that develops around mission‑critical projects. It offers insight into the environment experienced by professionals at every level, from junior bankers to Managing Directors, across the DACH region and Europe.