The TenneT Deal – A Lazard Insight
Mr. Schenck, Ms. Schaffer, a warm welcome to this „Deal Insight“ interview. The TenneT transaction stands out not only for its sheer size, but also for the complexity of its structure: a Dutch state-owned issuer, a German subsidiary, three major institutional investors, and ultimately KfW on behalf of the German government. When the mandate first landed on your desk, what was your initial reaction, and how clear was the path forward at that point? Marcus Schenck: I knew the asset well from my time as CFO at E.ON. In 2010, I led the sale of TenneT Germany to TenneT Netherlands, which