A consortium including Abu Dhabi’s Mubadala bought German energy efficiency company Techem in a deal valued at €6.7 billion ($7.8 billion).
Partners Group, Singapore’s GIC, and TPG had sought to buy Techem but their deal fell through in May, Bloomberg reported; Mubadala subsequently joined the consortium. Techem provides technology such as energy meters and other infrastructure management systems that improve energy efficiency in buildings. The company has 62 million devices installed in more than 13 million homes.
Mubadala is invested in both fossil fuels and renewable energy companies. The firm said “decarbonization of the real estate sector” is a global priority, and its investment in Techem will improve energy management in buildings.