European private equity giant EQT and Singapore’s sovereign wealth fund GIC have agreed to acquire a majority stake in UK-based smart metering company Calisen in a deal valued at $5bn, according to a report by the Financial Times.
The transaction involves purchasing shares from current owners BlackRock, Goldman Sachs, and Abu Dhabi’s Mubadala Investment Company, which took Calisen private in 2020 shortly after its initial public offering.
Calisen is an independent owner and operator of critical energy infrastructure assets, including smart meters, electric vehicle (EV) charging systems, solar and battery installations, and heat pump solutions. The company, which has an installed base of 16 million meters, also provides meter reading, maintenance, and other services aimed at advancing a cleaner and more efficient energy sector.
According to a press statement, EQT and GIC plan to drive Calisen’s continued growth by expanding its energy-transition-related offerings, including smart meters, heat pumps, and renewable energy systems. They also aim to explore adjacent opportunities, such as smart water metering, and support the company’s international expansion.
