CVC, the private equity group is purchasing shares that it does not already own in Ista, the energy metering firm from Germany. The deal is projected to be the largest equity purchase on record in the last five years.
CVC would be purchasing the 76% of Ista from co-owner Charterhouse. The deal is expected to be valued at Eur3.1 billion or US$4.1 billion, according to two individuals who spoke on condition of anonymity.
This deal would be the largest private equity purchase on record in Germany since 2008's the buyout of Xella by PAI Partners and Goldman Sachs. This was confirmed by data obtained by ThomsonReuters.
Charterhouse and CVC have been in discussion with Ista and BC Partners for the sale but CVC eventually made the bid to trump the BC Partners initiative.
The complete acquisition of Ista by CVC is a 180 degree turn for the firm after gauging interest for the German metering giant.
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