Partners Group-led consortium to buy Techem

Partners Group-led consortium to buy Techem

In a significant move in the energy sector, Partners Group has secured a new deal to acquire Techem GmbH, a German energy meter company. The transaction, valued at €6.7 billion ($7.8 billion) including debt, was announced following regulatory hurdles that previously blocked a deal led by TPG Inc. and sovereign wealth fund GIC.

The new consortium, led by Partners Group's own infrastructure division, will see the Swiss investor take a majority stake in Techem, valued at €6.7 billion. The deal also involves the introduction of new investors, including Mubadala Investment Co. alongside existing investors TPG Rise Climate and GIC Pte. Meanwhile, Canadian co-investors La Caisse and Ontario Teachers' Pension Plan (OTPP) are exiting their investments.

Techem, founded in 1952, provides a range of energy services, including resource management, residential health, building efficiency, and energy contracting services to property managers and owners of multitenant residential buildings. The company has over 440,000 customers in 18 countries and services more than 13 million dwellings.

Partners Group’s infrastructure business has $27 billion in assets under management globally. The new deal means that GIC and TPG will now hold smaller stakes in Techem compared to the original transaction, with the valuation remaining unchanged from the earlier deal.

The European Commission had initiated an in-depth review of the original TPG-led deal, with TPG's concessions deemed insufficient. The withdrawal of the transaction registration with the EU's antitrust authorities in May marked the failure of the initial deal.

The new deal is a strategic move for Partners Group, allowing it to maintain control over Techem while also introducing new investors to the consortium. The transaction underscores the challenges and complexities involved in large-scale energy sector acquisitions, particularly in the face of regulatory scrutiny.

References:
[1] https://www.marketscreener.com/quote/index/FTSE-ADX-GENERAL-174751313/news/Partners-Group-to-sell-Techem-to-own-infrastructure-fund-says-source-50499005/
[2] https://www.bloomberg.com/news/articles/2025-07-14/partners-group-clinches-new-techem-deal-after-regulatory-hurdle