Flick Gocke Schaumburg has advised Asterion Industrial Partners on the acquisition of the energy supplier STEAG. The seller is the consortium 'Kommunale Beteiligungsgesellschaft', which represents the municipal utilities of the German cities of Dortmund, Duisburg, Bochum, Essen, Oberhausen, and Dinslaken. The transaction values STEAG at an enterprise value of around 2.6 billion euros.
The transaction is expected to close by the end of the year and is subject to customary conditions and regulatory approvals.
Advisor to Asterion Industrial Partners (tax structuring): Flick Gocke Schaumburg
Matthias Full (Lead), Christian Schatz (all M&A/Tax)
The advisory services comprised support for the tax structuring of the transaction alongside our partner firm Alvarez & Marsal Tax LLP with a London team led by Hiral Bhatt (M&A/Tax).
Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market with around 5 billion euros in assets under managament. About half of the Asterion‘s investments to date have been in the energy sector.
For more than 85 years, STEAG has stood for efficient and safe power generation both nationally and internationally. At the beginning of 2023, the company has strategically repositioned itself: In the future, the traditional power plant business will be continued in STEAG Power GmbH, while growth areas including renewables, hydrogen, energy solutions for the decarbonization of industry and municipalities, climate-friendly district heating supply, energy storage for electricity and heat, and activities in the area of digitalization have been combined under the umbrella of the newly founded Iqony GmbH. <<<
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