This Research Note examines what’s behind the announcement of the €6.7B acquisition of German submetering firm, Techem by Partners Group and a consortium of minority investors. We highlight the transaction details, ownership history, and strategic rationale, as well as reviewing Techem’s financials and device and services portfolio. Transaction Details Partners Group, GIC, TPG Rise Climate, and Mubadala Investment Company, are to acquire Techem for an enterprise value of €6.7 billion.  The transaction is expected to close in H2 2025, subject to customary conditions and regulatory approvals. The transaction implies a 2024 revenue multiple of approximately 6.6x and an EBIT multiple of 24.5x. In 2018, Techem was acquired by a consortium led by Partners Group’s Private Equity business, alongside co-investors La Caisse and Ontario Teachers’ Pension Plan. The group oversaw a period of strong growth at the company, with revenues reaching over €1 billion and EBITDA growing around 50%.  As part of the current transaction, that […]