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(Bloomberg) — Partners Group is selling a large asset in its buyout portfolio to a consortium led by its own infrastructure division, after an initial transaction led by TPG Inc. hit regulatory hurdles, people with knowledge of the matter said.
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The asset manager will sell a majority stake in Techem GmbH in a transaction valuing the German energy meter company at €6.7 billion ($7.8 billion) including debt, the people said. It’s also introducing sovereign wealth fund Mubadala Investment Co. as a new investor — alongside GIC Pte and TPG Rise Climate, who were part of the original deal, the people said.
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Partners Group had agreed last year to sell Techem to TPG and Singaporean sovereign wealth fund GIC. However, the potential buyers withdrew their registration of the transaction with the European Union’s antitrust authorities in May, after it became clear it wouldn’t receive regulatory approval by the deal completion deadline, the people said, asking not to be identified because the information is private.
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Partners acquired Techem in 2018 in a consortium that also included Caisse de Depot et Placement du Quebec, known as La Caisse, as well as Ontario Teachers’ Pension Plan. Those two investors are now exiting their investment through the latest deal, the people said.
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Founded in 1952, Techem provides energy services, including resource management, residential health, and building efficiency, as well as energy contracting services to property managers and owners of multitenant residential buildings. The company has over 440,000 customers in 18 countries and services more than 13 million dwellings.
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Partners Group’s infrastructure business has $27 billion in assets under management globally.
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The new deal led by Partners Group’s infrastructure arm means that GIC and TPG will now hold smaller stakes in Techem compared to the original transaction, according to the people. The valuation is unchanged from the earlier deal.
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Representatives for Partners Group and the other investment firms declined to comment.
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