EQT buys major stake in German decentralized energy firm

Swedish equity group EQT has bought a majority of a joint venture that will own most of Getec Energie,Acquisition deal a German decentralized energy producer.

EQT will hold 60 per cent of the joint venture, which will comprise of about four fifths of the operations of Madgeburg-based Getec.

The joint venture supplies heat and steam to industrial and real estate clients. The company had earnings before interest, taxes, depreciation and amortization (EBITDA) of $75-86 million last year.

As a whole, Getec, which employs 1,165 staff, reported sales of 783 million euros for 2015.

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