EQT Enters Talks to Buy French Water and Heat Metering Provider Ocea Group
By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT has entered exclusive talks to acquire Ocea Group, a French water and heat metering infrastructure provider.
EQT is in negotiations to buy the company from ICG Infrastructure, with a deal expected to close in the second or third quarter of this year, subject to regulatory approvals.
Ocea provides smart water and heat metering which measures individual consumption, and EQT said this encourages customers to make more environmentally conscious decisions, with submeter installation shown to reduce energy consumption and water usage by 15%.
"This potential investment aligns with EQT's approach of investing in essential services that have a positive impact on society, and builds on our track record in the circularity and resource-efficiency themes," said Fabian Grone, partner in the EQT Active Core Infrastructure advisory team.
"Ocea would mark EQT Active Core Infrastructure's third investment, which is focused on acquiring core businesses with strong downside protection and inflation-linked contracts backed by thematic market growth."
Ocea operates more than four million heat and water submeters and provides services to over 7,000 public and private customers, including installation and rental, reading and data collection, and maintenance and replacement.
Financial terms weren't disclosed.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 04, 2024 05:19 ET (09:19 GMT)
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