Gleiss Lutz advises KSBG on sale of STEAG to Asterion Industrial Partners

A Gleiss Lutz team has advised KSBG Kommunale Beteiligungsgesellschaft mbH & Co. KG on the sale of its shareholding in Essen-based electricity producer STEAG GmbH to Asterion Industrial Partners.

The corporate bodies of KSBG's consortium partners unanimously approved the sale on 25 August 2023 and the contract was signed and notarised accordingly.

The deal has a volume of around EUR 2.6 billion, and represents 100% of the shares in STEAG.

The net proceeds will depend on the profit for 2023 and will accrue to the consortium partners after deduction of outstanding liabilities. Closing is expected to take place by the end of this year.  

STEAG has two business units, STEAG Power and Iqony. STEAG Power operates hard coal-fired power plants at six locations in Germany, accounting for around five percent of the total electricity generated in the Federal Republic. Iqony offers solutions for the decarbonisation, decentralisation and digitalisation of the energy supply, focusing on renewable energies and bridging technologies that can also be used in a climate-neutral manner in the future. Its portfolio includes not only solar, wind and geothermal energy, but also hydrogen solutions, storage technologies, engineering services and gas-fired power plants.

Gleiss Lutz previously acted as lead counsel in advising STEAG and KSBG on all legal aspects of the transformation of the STEAG Group from 2021 onwards, on the implementation of a restructuring plan and on corporate law measures. The restructuring agreement was concluded in 2022.

The following Gleiss Lutz team led by Dr. Alexander Schwarz (partner, Düsseldorf), Dr. Andreas Löhdefink (partner) and Kevin Löffler (all M&A, both Frankfurt) advised KSBG:

Martin Hitzer (partner, Corporate, Düsseldorf), Dr. Andreas Spahlinger (partner, Insolvency, Stuttgart), Dr. Alexander Nagel (counsel, Insolvency, Düsseldorf), Dr. Julia Müller (Frankfurt), Kai Zimutta (Düsseldorf), Dr. Philipp Jaspers (all M&A, Frankfurt), Dr. Joscha Meyer (Corporate, Düsseldorf), Lukas Glocker (Frankfurt), Thomas Baldzuhn (both M&A, Düsseldorf),

Dr. Helge Kortz (partner), Dr. Kai Birke (partner), Dr. Jan-Alexander Lange (counsel), Jana Pinto Escaleira, Natascha Krasucka-Schmidt (all Banking & Finance, all Frankfurt),

Dr. Ulrich Soltész (partner), Dr. Harald Weiß (counsel), Philipp Lohs, Dr. Christina Wolf (all Competition/Antitrust, State Aid/FSR), Kristina Winkelmann (Competition/Antitrust, FSR), Christian Weinmann (Competition/Antitrust, State Aid/FSR, all Brussels),

Dr. Jacob von Andreae (partner), Dr. Lars Kindler, Aylin Hoffs, Vivien Etzkorn (all Düsseldorf), Dr. Marc Ruttloff (partner, all Public Business/Environmental Law, Stuttgart),

Dr. Johann Wagner (partner), Paul Hentschel, Dr. Markus Günther (all Tax, all Hamburg),

Dr. Tim Weber (partner), Konrad Discher (counsel), Maximilian Leisenheimer (all Real Estate, all Frankfurt),

Dr. Christian Hamann (partner, Berlin), Dr. Manuel Klar (Munich), Simon Wegmann (all Data Protection, Berlin),

Dr. Alexander Molle (partner, Berlin), Christian Eulenpesch (both IP/IT, Stuttgart).