Vattenfall has announced plans to sell-off its German power transmission grid to Elia and to the Australian Industry Funds Management (IFM) for €810m ($111m).

Elia, a Belgian system operator, will own a 60% stake and operational control in the Vattenfall subsidiary, 50Hertz Transmission and IFM will hold the remaining 40%.

Elia and IFM said they will carry out the required investments on the grid.

Elia and IFM’s long-term focus will ensure substantial investments in network expansion as desired by Vattenfall, according to a release issued by Vattenfall.

According to Vattenfall CEO Lars G. Josefsson, both companies will allow continued free access for all power generators and promote the flow of electricity across national borders.