Asterion Industrial Partners to acquire energy utility STEAG in €2.6bn deal


Investment management firm Asterion Industrial Partners has acquired the energy utility STEAG from Kommunale Beteiligungsgesellschaft (KSBG), representing municipal utilities across six German cities. The acquisition values STEAG at an impressive €2.6 billion, marking Asterion’s strategic entry into the German energy market.

Commitment to Green Energy and Jobs

With this acquisition, Asterion aims to supercharge STEAG’s transition into a sustainable energy supplier. Leveraging the strengths of both STEAG Power and Iqony, Asterion commits to making STEAG a pivotal player in renewable energies such as wind and solar power across Germany and Europe. Asterion’s CEO, Jesús Olmos, emphasized the company’s commitment to creating new green jobs and delivering on STEAG’s decarbonization plans.

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Plans for Climate Neutrality and Expansion in Green Technologies

Asterion backs STEAG’s goal of achieving climate neutrality by 2040. The investor plans substantial investment in green technologies including hydrogen, solar and wind power generation, and district heating. The expansion is expected to bolster employment opportunities in various regions including the Ruhr and Saar, aligning with Germany’s energy and heat revolution strategies.

Support for Germany’s Coal Phase-Out Strategy

Asterion stands behind the German government’s agenda to phase out coal, with STEAG poised to contribute significantly to Germany’s climate goals. The investment firm also commits to backing transitional technologies, including flexible hydrogen-ready gas generation plants, emphasizing the security of energy supply.

Asterion Industrial Partners to acquire STEAG from Municipal Consortium

Asterion Industrial Partners to acquire STEAG from municipal consortium. Photo courtesy of STEAG GMBH.

Continued Partnership with Existing Management Teams

The deal ensures the continuation of close cooperation with STEAG’s current management teams in both STEAG Power and Iqony. Essen will remain the corporate headquarters for STEAG, and Asterion’s industrial and operational focus is expected to play a critical role in STEAG’s evolution into a leader in energy transition.

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Asterion’s Growing Influence in European Energy Sector

Asterion Industrial Partners is already a major player in the European energy sector, managing around €5 billion in assets. The firm has a history of successful investments in renewable energy across Spain, Italy, and France. The STEAG acquisition further cements its position as a force in the European infrastructure-focused funds.

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Transaction Awaiting Final Approvals

The transaction is slated for completion by the end of the year, subject to regulatory approvals and customary conditions. Both KSBG and STEAG have welcomed the acquisition, expressing optimism for the company’s future under Asterion’s leadership.

In summary, Asterion Industrial Partners’ acquisition of STEAG marks a significant move in the European energy sector, specifically aiming at accelerating Germany’s transition to sustainable, renewable energies. With plans for massive investment in green technologies and job creation, the deal positions STEAG to become a formidable player in Germany and Europe’s energy transformation.

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