US private equity firm TPG said Tuesday it planned to buy German metering company Techem for 6.7 billion euros ($7.4 billion), highlighting the growing interest in energy efficiency solutions for the buildings sector.
TPG said it had signed an agreement to acquire Techem through its TPG Rise Climate fund, with Singapore sovereign wealth fund GIC acting as a minority investor.
The purchase price will be paid in two installments, the statement said, one at the close of the deal and the remainder in July 2027.
The transaction is expected to close in the first half of 2025, subject to regulatory approval.
Founded in 1952, Techem makes meters to keep track of energy and water consumption in buildings and offers related services in smart energy solutions.
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