EQT and GIC are set to acquire a majority stake in UK-based Calisen Group in the latest outsize smart metering private equity deal this year.
The deal values the Manchester-headquartered company at £4 billion ($5.1 billion), according to the Financial Times. BlackRock, Goldman Sachs Alternatives and Mubadala will exit Calisen, having taken it private in 2021 through a £1.4 billion leveraged buyout.
Calisen provides services around smart energy including smart metering, data services, solar and battery, EV charging infrastructure and the electrification of heat. It had installed over 14 million meters as of 2023.
The defensive nature of metering businesses and the trend of energy transition have sparked investor demand in the sector. Appetite for cleantech in general has soared, with European private equity deal value for the sector reaching a record €21 billion ($22 billion) this year, according to PitchBook data.
The Calisen deal is the second investment GIC made in the smart metering sector within two months.
The Singaporean sovereign wealth fund partnered with TPG in October to acquire German metering company Techem for €6.7 billion.
Another significant deal in the space was KKR‘s $2.1 billion buyout of Glasgow-based Smart Metering Systems in March.
Featured image courtesy of Calisen Group
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