European meter reading company attracts buyers


German Flag 3Frankfurt, Germany and London, U.K. — (METERING.COM) — November 23, 2006 – Techem, a German company that reads water and heat meters in over 7 million households in Europe, has attracted the attention of several investment companies. BC Partners, a London-based buyout firm, has indicated an interest in acquiring Techem, improving on a recent bid made by Macquarie Bank of Australia.

Techem’s board of directors has supported BC Partners’ offer, because BC Partners has agreed to keep the headquarters in Germany, and has undertaken to keep existing staff on the payroll.

Techem is expanding by managing energy providing, contracting and maintenance work for clients. It is regarded as a company well worth acquiring, and industry analysts say that Macquarie – which agreed to buy RWE’s Thames Water last month – could well increase the amount of its offer to Techem shareholders.