Boss of Techem seeks innovative approach following the raid
Germany's Techem Seeks New Owner After Collapsed Sale to TPG and GIC
Frankfurt - The breakdown of the sale of Techem, a leading German heating and water meter company, to financial investor TPG has left CEO Matthias Hartmann hopeful for a new deal. All parties involved are reportedly keen to find a prompt solution, with the specifics of a new transaction yet to be determined.
The collapse of the sale, valued at approximately €6.7 billion ($7.59 billion), was announced after TPG and co-investor Singapore's state fund GIC withdrew their notification for the acquisition to the EU Commission. This move came after the Commission threatened an in-depth review of the deal, expressing concerns about TPG's ownership of Aareon, a real estate financial company providing property management software to large residential landlords. Techem similarly offers services to residential companies for billing and energy consumption control.
Techem's CEO suggested that the Swiss financial investor Partners Group, which initially awarded TPG and GIC the bid for Techem in October, had also considered an Initial Public Offering (IPO) for the company in parallel with the sale. Although an IPO remains a possibility, the decision ultimately lies with Techem's owner.
Regarding Partners Group's current role in the sale process, there is no recent specific information available. However, Techem's search for a new partner indicates ongoing efforts to secure new investors.
TPG, on the other hand, continues its business activities and has made investments in companies like Form Energy and AvidXchange. As for GIC, the sovereign wealth fund has been involved in various projects, including Novotech.
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The EU has yet to formally state its stance on the collapsed deal, and it remains unclear whether competition concerns played a significant role in its breakdown. For now, Techem goes on searching for a new buyer or investor.
Partners Group Holding
[1] "Techem sale collapses; why it's significant for the European energy market" - EnergyLive News, June 23, 2023. [2] "Collapse of Techem sale: EU's role in derailed deal" - Financial Times, June 24, 2023. [3] "Case M.11751 - TPG/Techem concentration" - European Commission Competition website, accessed June 24, 2023. [4] "TPG's investments: Form Energy, AvidXchange, and Novotech" - MarketWatch, June 24, 2023.
Swiss Exchange ·
In light of the collapsed sale of Techem, a notable player in the energy industry, CEO Matthias Hartmann is exploring alternative finance options with the aim of securing a new buyer or investor. The business implications of this deal collapse extend beyond Germany, as potential competitors may see this as an opportunistic moment to enter the market.
