Kommunale Beteiligungsgesellschaft mbH & Co. KG (KSBG) has announced that it has signed an agreement with Asterion Industrial Partners to acquire STEAG GmbH (“STEAG”). The transaction volume amounts to approximately 2.6 billion euros. The sale process is expected to be completed by December 2023.
STEAG comprises the two business units STEAG Power GmbH and Iqony GmbH. STEAG Power operates hard coal-fired power plants at six locations in Germany. Their share of total electricity generation in Germany is about five percent. Iqony offers solutions for decarbonization, decentralization and digitalization of energy supply. Iqony focuses on renewable energies and bridging technologies that can also be used in a climate-neutral way in the future. In addition to solar, wind, and geothermal energy, the portfolio also includes hydrogen solutions, storage technologies, engineering services, and modern gas-fired power plants that will be climate-neutral in the future through the use of hydrogen.
ASTERION INDUSTRIAL PARTNERS is the leading infrastructure fund in Spain. As one of the largest infrastructure-focused funds in Europe, the company manages assets of around 5 billion euros.
Berner Fleck Wettich advised STEAG and its corporate bodies on their rights and obligations under company law and corporate governance in connection with the transaction.
Click here for the full article (in German).