Spanish Asterion to buy energy company Steag, beating Křetínský

Spanish infrastructure-focused investment company Asterion Industrial Partners has agreed to buy German energy company Steag, beating an offer from Czech businessman Daniel Křetínský. His Energetický a průmyslový holding (EPH) and Asterion were the last two bidders. Reuters reported the news today, citing people familiar with the matter. The agency did not provide financial details of the transaction.

According to Reuters sources, Steag’s supervisory board and its local owners met this afternoon to vote on the final decision about the company’s future ownership. Steag’s power plants are located in the industrial state of North Rhine-Westphalia, which has high energy consumption. The energy company is owned by eight German municipalities, Bloomberg reported earlier.

Bloomberg also reported, citing its sources, that EPH had drawn up a plan to turn the company into a major player in renewable energy. Investment firms KKR and EQT had previously expressed interest in Steag, but later withdrew from the bidding, Bloomberg sources also said.