(Bloomberg) -- Private equity firm TPG Inc. and Singapore sovereign wealth fund GIC Pte agreed to buy German energy metering company Techem GmbH from majority owner Partners Group Holding AG for a total consideration of approximately €6.7 billion ($7.5 billion). 

The purchase price will be paid in two installments, one at the close of the deal next year and the remainder in July 2027, according to a statement Tuesday.

Partners Group had also weighed an initial public offering for Techem after receiving an offer from TPG, Bloomberg News reported in August. KKR & Co. previously dropped out of the race, Bloomberg reported.

Techem, based near Frankfurt, was founded in 1952. The company makes equipment to measure consumption of water and electricity and monitor heating and cooling.

Partners Group, a Swiss buyout firm, teamed up with Caisse de Depot et Placement du Quebec and Ontario Teachers’ Pension Plan, as well as Techem’s management team, to acquire the company for €4.6 billion in 2018.

The Techem deal represents the largest transaction to date for the TPG Rise Climate fund, with GIC making a significant minority investment, according to the statement.

(Updates with additional background to deal)

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