€2.6 billion transaction ‒ Noerr advises STEAG financiers on group transformation and sale to Asterion

A Noerr team led by Simone Schönen, Andreas Naujoks and Christian Pleister has been advising the guarantor lenders and main financiers of STEAG on the energy group’s far-reaching restructuring and sale, which has now been concluded, to the Spanish investment firm Asterion Industrial Partners.

STEAG’s sale by municipal utility consortium KSBG Kommunale Beteiligungsgesellschaft GmbH & Co KG was only made possible through the extensive restructuring of the group and its split into two divisions: STEAG Power, which is mainly involved in coal-fired power generation, and Iqony, which focuses on renewable energies/growth business. Noerr played a key role in the restructuring by acting as advisor to the guarantor lenders, which have been mainly responsible for financing STEAG’s growth division. Closing of the transaction is expected to take place by December 2023.

Noerr has been advising the guarantor lenders’ steering committee on the financial restructuring and on designing the corporate restructuring and has also assisted during the sales process and worked closely with STEAG’s advisors in this regard. In addition, it was especially Noerr partner Andreas Naujoks who on several occasions successfully managed and moderated the complex processes between the various stakeholders. 

Advisors to the guarantor lenders: Noerr Partnerschaftsgesellschaft mbB

Lead: Simone Schönen (partner, Restructuring & Insolvency, Hamburg), Andreas Naujoks (partner, Banking & Finance, Frankfurt), Christian Pleister (partner, Private Equity, Frankfurt/Berlin)

Restructuring & Insolvency
Stephanie Bender (senior associate, Hamburg)

Mergers & Acquisitions
Till Kosche (partner), Selina Brose (associate, Frankfurt)

Banking & Finance
Dorian Legel (associated partner), Patrick Geist, Pinar Turkac-Christmann (senior associates, Frankfurt)

Employment & Pensions
Benjamin Jahn (partner, Munich)
Patrick Mückl (partner, Düsseldorf)

Energy
Martin Geipel (partner, Berlin)

Antitrust & Competition
Sarah Blazek (partner, Munich)

Financial Services Regulation
Karl-Alexander Neumann (associated partner, Hamburg)

Tax
Carsten Heinz (partner, Munich)
Michael Tommaso (partner, Berlin)