Mubadala in deal to buy top German property tech group for $7.8bln
Founded at Frankfurt, Germany, in 1952, Techem today has over 440,000 customers in 18 countries and services over 13 million dwellings.
As a reliable long-term partner, Techem aids the property sector and private landlords in enhancing energy efficiency, reducing consumption, costs, and CO2 emissions through low-investment, non-invasive methods.
Its services contribute to the long-term decarbonization of the real estate sector, which accounts for around 40% of global CO2 emissions. Approximately 62 million of Techem's devices are currently installed worldwide, said the company in a statement.
As per the agreement, Techem will be acquired for total consideration of AED29 billion ($7.8 billion). The transaction is expected to close in H2 2025, subject to customary conditions and regulatory approvals.
Abdulla Mohamed Shadid, Head of Energy and Sustainability at Mubadala's Private Equity Platform, said: "The decarbonisation of the real estate sector continues to be a global priority for better and more sustainable living. As a trusted and leading sub-metering services provider with a digital edge, Techem is well positioned to continue leading this transition, improving the energy management of buildings through better efficiency and consumption."
"We are delighted to be investing alongside Partners Group, GIC, and TPG Rise Climate and to be supporting Techem as it continues to expand and strengthen its value proposition. This transaction aligns with Mubadala's long-term commitment to deploying capital purposefully and helping to find solutions to global challenges," he added.-TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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