Advertisement
UK markets open in 2 hours 17 minutes

  • NIKKEI 225

    37,683.12
    -776.96 (-2.02%)
     

  • HANG SENG

    17,295.93
    +94.66 (+0.55%)
     

  • CRUDE OIL

    82.92
    +0.11 (+0.13%)
     

  • GOLD FUTURES

    2,324.90
    -13.50 (-0.58%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • Bitcoin GBP

    51,571.70
    -1,962.99 (-3.67%)
     

  • CMC Crypto 200

    1,386.06
    -38.04 (-2.67%)
     

  • NASDAQ Composite

    15,712.75
    +16.11 (+0.10%)
     

  • UK FTSE All Share

    4,374.06
    -4.69 (-0.11%)
     
Money:

The five essential pieces of financial paperwork you must never lose

Mislaying key documents can cause real headaches, so it’s worth tracking down these most commonly-lost bits of paperwork

HgCapital puts German meter maker Qundis up for sale - sources

Reuters - UK Focus

FRANKFURT, Nov 11 (Reuters) - Buyout group HgCapital hat put Qundis, a maker of metering devices for heat and water consumption, up for sale in a deal potentially worth more than 400 million euros ($435 mln), people close to the matter said.

The investor has asked investment bank Rothschild to find a buyer for the German company, which is expecting to post earnings before interest, taxes, depreciation and amortization (EBITDA) of 30 million euros this year, they added.

HgCapital and Rothschild declined to comment.

HgCapital is hoping to attract offers worth up to 14 times Qundis' core earnings from potential bidders such as Honeywell and other private equity firms.

ADVERTISEMENT

Honeywell bought German metering technology company Elster in 2015 at a valuation of about 13 times that group's expected core earnings.

The Qundis auction is expected to start in early 2017.

The metering services sector will be closely watched in Germany next year with Ista and Techem - which both specialise in meter reading and billing services - expected to be put up for sale by their private equity owners.

Qundis was created in 2009 through a merger of Qvedis, a former Siemens (BSE: SIEMENS.BO - news) unit, and Kundo SystemTechnik. HgCapital bought Qundis in 2012 from peer investor Capcellence. ($1 = 0.9189 euros) (Reporting by Arno Schuetze; Editing by Tina Bellon)