Astera Legal advised Iqony GmbH on general financing matters with regard to the acquisition of the STEAG Group by Asterion

Astera Legal advised Iqony GmbH on corporate financing matters in connection with the acquisition of the STEAG Group by Asterion Industrial Partners (Asterion). The STEAG Group was sold by Kommunale Beteiligungsgesellschaft mbH & Co. KG (KSBG) to Asterion. The transaction volume for the acquisition amounts to around EUR 2,6 billion.

The STEAG Group 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 amounted to around five percent in 2022. Iqony GmbH is the new independently operating company of STEAG. Iqony focuses on renewable energies and bridging technologies that can be used in a climate-neutral way now and in the future. In addition to solar, wind and geothermal energy, the portfolio includes hydrogen solutions, storage technologies, engineering services and gas-fired power plants. Around 2,300 employees worldwide implement projects for major industrial companies, utilities, cities and municipalities in numerous countries across the globe. Specializing in tailor-made solutions for complex challenges, Iqony draws on its broad and in-depth knowledge of the energy industry across the full range of technologies and services.

The Astera Legal team led by Partner Dr Bernd Egbers included Senior Associate Philipp Hogrefe and Associate Benedikt Ruck.