What was the project about?
At the end of 2015, the RWE Executive Board decided to spin off the Renewables, Grid and Retail business areas into innogy SE and to float the new company on the stock exchange.
Who have we worked with?
Our customer was RWE AG. All operational areas affected by the spin-off and the management and support functions of RWE AG themselves were involved in the project. In total, more than 2000 employees from the entire RWE Group were involved in the project.
What was our role?
We managed the overall project management office and were operationally responsible for the successful carve-out of innogy SE.
In the overall project management office, we also orchestrated the communication clearing, which was necessary within the IPO of innogy SE.
In the carve-out, we ensured the operational readiness of the new company in close coordination with the business units. The continuity of the customer interfaces had to be ensured during the transition as well as the rebranding of the innogy companies and the conversion of the IT systems.
One of our greatest successes was ensuring that all contracts between Group companies were reviewed to ensure that they were comparable with contracts with third parties.
The management and support functions were divided between innogy and RWE in the carve-out process. Together with the specialist departments, we developed the target picture and dimensioning and in close coordination with co-determination we organized the smooth transfer of 1,500 employees. In this way, we have ensured the operational readiness of the management and support functions.
What were the most important successes?
Thus we have supported RWE at the central places in order to enable the largest IPO in Germany since the year 2000. While a carve-out of this size often takes 18 months, carve-out and IPO were completed in an extremely short time of 10 months. Through the IPO innogy raised 2 billion Euro of fresh capital for growth projects from the capital market and RWE realized another 2.6 billion Euro through a sale of innogy shares.
As innogy Consulting, we helped to ensure continuity for innogy's 23 million customers and to enable the employees of innogy a secure personnel transfer, both the approx. 40,000 employees in the operative areas and the approx. 1,500 employees in the management and support functions.