MUNICH – Switzerland’s Partners Group is selling German metering firm Techem for 6.7 billion euros ($7.46 billion) to US asset manager TPG (NASDAQ: TPG), Techem said on Tuesday, changing hands to its third private equity firm.
TPG brought Singapore’s sovereign wealth fund GIC on board as a co-investor for the takeover.
The transaction is expected to close in the first half of next year, Techem said in a statement.
Partners Group had also been considering a public listing of Techem, which is based outside Frankfurt and is active in 18 countries, having expanded beyond its traditional metering business and into energy-efficient management of buildings.
TPG (NASDAQ: TPG) is acquiring the company for its $19-billion climate fund TPG Rise Climate, for which Techem is the largest transaction to date.
The purchase price will be paid in two installments, the first on completion of the acquisition and the second in July 2027, Techem said.
TPG is the third private equity firm to own Techem. Australia’s Macquarie bought the company in 2008 for just under 1.5 billion euros and delisted it from the stock exchange.
Ten years later it was sold on to Partners Group for 4.6 billion euros.
($1 = 0.8982 euros)
(Source: Reuters)
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
