Asterion secures EU approval for Steag acquisition

Spanish investment firm Asterion Industrial Partners has received EU approval to acquire German energy company Steag GmbH as the EUR-2.6-billion (USD 2.76bn) transaction is not likely to impede competition.

The European Commission said on Tuesday that the planned deal would not raise competition concerns, given the companies' limited market positions.

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The transaction was examined under the simplified merger review procedure.

Asterion, which agreed to buy Steag in August, plans to expand the utility's renewables unit by investing in green technologies such as hydrogen, batteries, solar and wind generation, according to a statement made at the time.

The acquisition covers both business units of Steag -- Iqony GmbH and Steag Power GmbH. Iqony offers solutions for decarbonisation, decentralisation and digitalisation of energy supply, focusing on renewable energies and bridging technologies. In addition to solar, wind, and geothermal energy, the portfolio also includes hydrogen solutions, storage technologies, engineering services, and modern gas-fired power plants. At the same time, Steag Power operates hard-coal-fired power plants at six locations in Germany.

(EUR 1 = USD 1.062)