Brussels-based Elia beat out a consortium comprising Goldman Sachs, Allianz and Deutsche Bank to buy 50Hertz, which owns 9,700 kilometres of power lines located along Germany’s Czech and Polish borders.

Under the deal, Elia will own 60% of the firm and full operational rights, while Australia’s Industry Funds Management will hold the other 40%. Vattenfall is looking to cut its debt after shelling out €8.5bn