Cologne/Munich – Spanish infrastructure investor Asterion Industrial Partners has acquired all the shares in Essen-based energy company STEAG GmbH from the current consortium of owners. The boards of the various owners signed and certified the relevant documents at the end of last week. The transaction is worth some EUR 2.6 billion. Closing is scheduled for December of this year. STEAG, one of Germany’s largest energy suppliers, comprises green subsidiary Iqony, which brings together its wind, solar, geothermal and biogas activities, and fossil division STEAG Power, as well as a number of foreign holdings. Representing six municipal utilities in the Ruhr district, Kommunale Beteiligungsgesellschaft (KSBG), which has been sole shareholder of the group parent since 2014, started the sales process last year.
CMS advised on employment law and pension-related aspects of the process right from the start. That applies both to the associated due diligence (including preparation of a comprehensive legal fact book covering jurisdictions in Botswana, Brazil, Türkiye and India in addition to Germany) and to the relevant strategic HR and pension issues. Prior to the sale, the legal and operational separation of the group into a black coal division and a green growth division was completed at the beginning of the year. The CMS team also advised on all employment law and pension-related aspects of this restructuring. In 2023, the advice focused on matters such as harmonising the complex set of collective pay agreements as well as designing and implementing new supervisory board structures.
CMS Germany
Dr Nina Hartmann, Partner
Dr Andreas Hofelich, Partner
Prof. Björn Gaul, Partner
Victoria Kaule, Counsel
Hanna Kowalski, Associate, all Labor, Employment & Pensions
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