Partners Group to Sell Metering Company Techem to TPG, GIC in $7.5 Billion Deal

By Elena Vardon

Partners Group said it is selling Techem in a deal that values the German metering company at around 6.7 billion euros ($7.46 billion).

The Swiss private-equity firm said Tuesday that it agreed to sell its majority stake in Techem to U.S. asset manager TPG and Singapore sovereign wealth fund GIC.

Current co-investors Caisse de depot et placement du Quebec and Ontario Teachers' Pension Plan will also exit their stakes as part of the transaction, it said.

Partners Group and its co-investors bought Techem--which has more than 428,000 customers and that services over 13 million homes--in 2018.

"This sale is the culmination of over five years of intensive hands-on ownership and demonstrates that exit markets are open for the highest quality assets," Kim Nguyen, partner at Partners Group said.

The transaction is expected to close in the first half of 2025, subject to approvals.

Write to Elena Vardon at elena.vardon@wsj.com

(END) Dow Jones Newswires

October 01, 2024 02:38 ET (06:38 GMT)

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