German utility EWE has agreed to sell 26% of its shares to private investor Ardian in a move aimed at accelerating growth in several areas, including renewables.
No details are being disclosed on the price of the transaction, which is subject to the approval of the German federal cartel office.
Approval is expected in the first quarter of 2020, EWE said.
The company added that together with EWE-Verband it had been gradually acquiring shares back from former partner EnBW since Autumn 2015 with plans to find a new investor.
EWE chief executive Stefan Dohler said: “With Ardian, we will have a strategic growth partner with extensive experience in the pan-European infrastructure sector with thinking just as long-term, prudent and sustainable as ours.
“It was important to us that the new investor supports EWE’s strategic goals and helps us on our path of change and growth with opportunities from its investment portfolio.
“We know where we intend to go. We continue to make progress with our move towards becoming an innovative solution provider, offering integrated services and products for energy, communication, networked data and mobility.
“We want to play an active role in shaping the climate-friendly and digitalised future of energy and communications, and set positive standards based on a position of regional strength.
“With its entrepreneurial approach to this path, Ardian is the strong partner we have been looking for.”
Ardian head of infrastructure Mathias Burghardt said: “As Europe’s leading investor in infrastructure, we make long-term commitments to companies that play a key role in people’s everyday lives and actively promote the energy revolution.
“With its activities in the areas of energy, telecommunications, networks, data and mobility, EWE is leading the way in efforts to bring about the energy revolution, while at the same time taking into account the needs of all its stakeholders such as customers, employees and the region as a whole.
“Ardian fully supports EWE’s innovation-focused strategy.”
Ardian is an independent investment company, managing $96bn in assets for its investors in Europe, South and North America and Asia.
EWE is a partner in Germany’s first offshore wind farm Alpha Ventus (pictured).