Rautenberg & Company advises KENFO on its investment in N77 Holdings, LLC.

Our team advises KENFO, the German fund to secure funding for the interim and final storage of radioactive waste, on its investment in N77 Holdings, LLC. The closing of the transaction already took place in April 2025.

KENFO is a foundation under public law, which was established to ensure the funding of the interim and final storage of radioactive waste resulting from the commercial use of nuclear energy for the generation of electricity in Germany. The operators of the 25 German nuclear power plants transferred EUR 24.1 billion to the fund to finance the interim and final storage of radioactive waste. KENFO invests globally in equities, corporate and government bonds, as well as in illiquid assets such as real estate, infrastructure projects, and private equity.

N77 Holdings holds a portfolio of 3.45 GHz spectrum in the USA. The portfolio of licenses was acquired from T-Mobile USA, Inc. KENFO participates as a co-investor alongside Stonepeak in this transaction. The so-called “mid-band spectrum” is the most important frequency band for 5G mobile networks in the USA. The 3.45 GHz spectrum lies right in the middle of the mid-band range and offers an ideal combination of coverage and capacity for 5G network operators.

Our team supported KENFO throughout the acquisition process with a Commercial Due Diligence.