TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform, and GIC, a global institutional investor, have signed an agreement to acquire Techem Group from its previous majority owner Partners Group, acting on behalf of its clients, and co-investors CDPQ and Ontario Teachers’ Pension Plan, in a deal valued at approximately €6.7 billion.
The transaction, expected to close in the first half of 2025, is subject to customary conditions and regulatory approvals.
The purchase price will be paid in two instalments, with an initial payment at closing and the remainder due in July 2027. GIC will also make a significant minority investment alongside TPG Rise Climate.
Founded in 1952, Techem has built one of the largest digital energy services platforms in the industry. Techem is active in 18 countries and services more than 13 million dwellings, with over 62 million digital measuring devices on its platform.
Techem supports the property sector and private landlords in improving their energy efficiency, as to reduce energy consumption, costs and CO2 emissions in a low-investment and non-invasive manner.
Techem’s services help to advance the long-term decarbonisation of the real estate sector, which still drives approximately 40% of global CO2 emissions.
“With TPG and GIC, we are gaining strong new partners with the digitisation and platform expertise needed to help us make significant progress in implementing our corporate strategy. Together, we want to further expand and advance our position as a leading platform for digitising and decarbonising the building sector across Europe and beyond,” said Matthias Hartmann, CEO of Techem.
“Techem’s technology, transparent consumption statistics, and streamlined solutions for tenants, managers, and asset owners alike are essential solutions for lowering costs and improving the environmental impact of real estate assets across Europe,” said Ed Beckley, a London-based Managing Partner of TPG Rise Climate. “There is a tremendous opportunity to reduce energy consumption in built environments by enhancing efficiency and better-managing overall demand. We’re looking forward to supporting the Techem team in leading and accelerating real estate emissions reductions at scale.”
Ang Eng Seng, Chief Investment Officer, Infrastructure at GIC, said: “Techem is a well-established energy service provider with a proven track record. Sub-metering is becoming increasingly prevalent in Continental Europe as consumers and regulators focus on energy efficiency. We look forward to supporting the company’s continued growth, alongside TPG and management.”
