Private equity firm TPG Inc and Singapore's sovereign wealth fund GIC Pte Ltd have reached an agreement to acquire German energy metering company Techem GmbH for approximately €6.7 billion (US$7.5 billion). The deal involves two payment installments: one at the closing of the transaction next year and the second in July 2027.

Previously, Partners Group, the majority owner of Techem, considered an initial public offering after receiving TPG's offer. KKR & Co had also been in the running but ultimately withdrew from the bidding process. Founded in 1952 and based near Frankfurt, Techem specializes in equipment for measuring water and electricity consumption, as well as monitoring heating and cooling systems.

In 2018, Partners Group, in collaboration with Caisse de Depot et Placement du Quebec, Ontario Teachers’ Pension Plan, and Techem’s management, acquired the company for €4.6 billion. This new acquisition marks the largest transaction to date for TPG's Rise Climate fund, with GIC making a notable minority investment.

The acquisition reflects a growing trend in the energy sector, where private equity firms and sovereign wealth funds are increasingly investing in companies that focus on sustainability and energy efficiency.