A consortium led by Swiss asset manager Partners Group Holding will buy Techem from Macquarie in a deal that values the German metering company at an enterprise value of 4.6 billion euros ($5.4 billion).
The buyers include Caisse de dépôt et placement du Québec and Ontario Teachers’ Pension Plan as well as Techem’s management team. They plan to work with Techem’s management to further develop the company in existing markets and expand into new geographic markets.
The deal, which is expected to close in the third quarter of 2018, values Techem at roughly 13 times expected 2018 core earnings, more than the valuation of 11 to 12 times that bidders were hoping to pay.
Macquarie bought Techem for 1.5 billion euros in 2007.