Asterion Buys German Steag, Bets on Renewables

• Spanish investment firm Asterion Industrial Partners has reached a EUR 2.6 billion deal to acquire German energy company Steag GmbH. The proposed transaction includes investment in renewable energy, new green job creation, and is expected to close by 2023.

Spanish investment firm Asterion Industrial Partners has reached a EUR 2.6 billion (USD 2.81bn) deal to acquire German energy company Steag GmbH. The proposed transaction is expected to close by the end of 2023, subject to regulatory approvals. Steag operates two business units, Iqony GmbH and Steag Power GmbH. Asterion plans to expand the renewables unit of the utility by investing in green technologies such as hydrogen, batteries, solar and wind generation, as well as create new green jobs in Germany’s former coal mining regions Ruhr and Saar. The company has prevailed over Czech energy group Energeticky a prumyslovy holding (EPH) and Germany’s RAG-Stiftung in the final round of a bidding process.

What Is Asterion's Plan for EUR 2.6bn Acquisition of Steag GmbH?

• Asterion’s plan for the EUR 2.6bn acquisition of Steag GmbH will involve expanding the Steag Power GmbH unit by investing in renewable energy sources such as hydrogen, batteries, solar and wind.
• Asterion’s acquisition will also create new jobs in Germany’s former coal mining regions, Ruhr and Saar.
• The deal is expected to close by the end of 2023, subject to regulatory approvals.
• Asterion prevailed over two other bidders, Czech energy group Energeticky a prumyslovy holding (EPH) and Germany’s RAG-Stiftung, in the final round of a bidding process.
• Asterion plans to expand the Iqony GmbH unit of the utility by investing in green technologies such as hydrogen, batteries, solar and wind.