Clifford Chance

Clifford Chance advised Publi-T and NextGrid Holding on Elia Group's €2.2bn equity package

Clifford Chance advised Publi-T and its subsidiary NextGrid Holding, the reference shareholder of Elia Group, on Elia Group's €2.2bn equity package. Elia Group is one of Europe's top five TSOs and is listed on Euronext Brussels. The equity package consisted of a €850m private placement and a €1.35bn rights issue. This constitutes the largest capital increase for a Belgian listed company since 2009 and the largest capital raise of a European listed company in 2025 so far.

In October 2024, Publi-T announced its partnership with Fluxys to form NextGrid Holding, to which it contributed its 44.79% shareholding in Elia Group. NextGrid Holding participated pro rata in Elia Group's private placement, alongside ATLAS Infrastructure with the Future Fund, CPPIB and accounts under management by BlackRock, and made a pre-committed pro rata participation in the rights issue. Simultaneously, the federal investment company SFPIM made a €200m investment in Publi-T. Publi-T / NextGrid Holding's aggregate contribution to the equity package amounts to approximately €1 billion.

The Clifford Chance team advising Publi-T and NextGrid Holding was led by partner Xavier Remy and associate Gillis Waelkens, and further consisted of associates Yonathan Tison, Joëlle Brik, Avril Miller and paralegal Valerie Pauwels (Corporate), partner Alexandre Ooms and associate Stijn Van Walleghem (Tax), and senior counsel Wim Aerts (Global Financial Markets), Pieter De Bock (Public law) and Gert Cuppens (Employment).