Extract from our daily coverage

Not including our proprietary coverage
April 30, 2024

Partners Group-owned Techem, an Eschborn-based metering service group, refinances most of its debt, which may facilitate a sale of the company

Techem, a metering service group majority-owned by Switzerland-based Partners Group, has largely refinanced its debts in preparation for a potential sale and extended the terms by four years until 2029. In total, Techem has debts of EUR 2.7bn, and this EUR 2.3bn refinancing has increased interest expenses from EUR 120m to EUR 190m. This follows a EUR 6bn bid for Techem from US-based private equity firm TPG earlier this month after KKR dropped out of the bidding process after second-round bids. Techem reported 2023 revenues of approximately EUR 1bn and EBITDA of EUR 520m, according to NKP's sources. Techem's sale process was covered by NKP in a November 2023 report describing that Goldman Sachs, J.P. Morgan, and UBS were advising and that NBOs were due in late December 2023.
Börsen-Zeitung
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NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 15, 2023

Update: with management presentations completed in October, IMs being out, and an NBO deadline of second half of December, metering firm Techem's dual-track process mainly draws interest from infrastructure and pension funds, according to sources (NKP Proprietary)

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NKP | M&A Insights Proprietary
Pre-deal coverage in M&A Insights
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