Latest news with #Techem
Reuters
28-05-2025
- Business
- Reuters
Germany's Techem still seeking deal after TPG withdraws as buyer, CEO says
FRANKFURT, May 28 (Reuters) - German energy firm Techem continues to work towards a deal after its sale to U.S. financial investor TPG (TPG.O), opens new tab and sovereign wealth fund GIC fell through earlier this month, the company's CEO Matthias Hartmann said late on Tuesday. The potential buyers withdrew registration of the 6.7-billion-euro ($7.59-billion) deal with the European Union's antitrust authorities on May 7. The European Commission had announced an in-depth review of the takeover, as TPG's concessions were not deemed sufficient. Hartmann told reporters on Tuesday that efforts to reach a solution were ongoing. "All parties are keen to find a solution ... I can't say what that will look like," he said. TPG had brought Singapore's sovereign wealth fund GIC on board as a co-investor for the takeover last October. Partners Group had also considered an initial public offering (IPO) as a way to sell its shares in the company last year. "Capital markets are always an option," Hartmann said, adding that would be a decision for its shareholder to take. Hartmann declined to comment on whether Techem will continue working with the same advisers or whether it will pay a so-called "break-up fee" which is incurred when deals fall apart. As a result of TPG's withdrawal, Techem will repay in full provisional senior secured bonds amounting to 750 million euros that were issued in connection with the planned handover, the company said in a statement. ($1 = 0.8827 euros)
Reuters
07-05-2025
- Business
- Reuters
German energy firm Techem's sale to TPG falls through
FRANKFURT, May 7 (Reuters) - Techem's sale to U.S. financial investor TPG (TPG.O), opens new tab and sovereign wealth fund GIC has fallen through as the potential buyers withdrew registration of the deal with EU antitrust authorities on Wednesday, according to the EU Commission's website. The TPG-led consortium announced last October that it was buying the heating and water metering services company for 6.7 billion euros ($7.6 billion) from Swiss investor Partners Group (PGHN.S), opens new tab. The European Commission had announced an in-depth review of the takeover, as TPG's concessions were not deemed sufficient, a person familiar with the matter said. There were possible issues with the fact that TPG (TPG.O), opens new tab also owns Aareon, the former IT subsidiary of the Wiesbaden real estate financier Aareal Bank, the person added. TPG was not immediately available for comment. A Techem spokesperson told Reuters that the company noted TPG's withdrawal and was "in close communication with all parties involved to provide clarity on the next steps". The company is well financed and has been growing at more than 10% per year since 2021, the spokesperson said. Aareon offers apartment landlords software for managing real estate and rent payments. Techem also offers housing companies its services for billing and controlling energy consumption. Techem was founded in 1952 and has around 4,000 employees. The metering company offers more than reading consumption data for heating or water, with plans to become a partner for the real estate industry in reducing energy costs, CEO Matthias Hartmann told Reuters in October. ($1 = 0.8810 euros)
Saba Yemen
21-04-2025
- Business
- Saba Yemen
Sharp Rise in Heating Costs for Gas Consumers in Germany
Berlin - Saba: Heating costs for gas consumers in Germany have surged by nearly a quarter this season compared to the previous heating season, according to an analysis by the comparison website "Verivox." The analysis, published on Monday, revealed that gas heating expenses rose by approximately 23% due to weather-related factors and price increases. Meanwhile, heating oil costs saw a 1% rise. A separate analysis by the energy services company "Techem" showed that the average consumption of oil, natural gas, and district heating systems across Germany increased by 23.6% compared to the previous year. Matthias Hartmann, CEO of Techem, noted that efforts to reduce energy consumption in recent years have weakened. "If energy prices remain high, many consumers will face an additional burden in their upcoming heating bills," he added. According to a study by the German Energy and Water Association (BDEW), three-quarters of home heating systems in Germany rely on gas and oil as energy sources. Efforts to phase out Russian gas have contributed to rising fuel prices in Germany, impacting the competitiveness of the German economy, which has long depended on competitively priced Russian gas. Last week, a Reuters report, based on interviews with senior officials at European companies and experts, indicated that some European firms expressed readiness to resume cooperation with the Russian gas company Gazprom. Whatsapp Telegram Email Print more of (International)
