EQT agrees to sell TAC to Schneider Electric
Private equity firm EQT has signed a deal to divest building automation firm TAC to Schneider Electric for approximately 4 billion SEK.
EQT Group has reached an agreement to sell its stake in the Swedish building technology firm TAC to Schneider Electric. The transaction is valued at approximately 4 billion SEK on a cash and debt-free basis and remains subject to regulatory approval from competition authorities.
EQT funds first invested in TAC in 1998. During its ownership, the firm executed a series of acquisitions in the U.S. and Nordic regions, transforming TAC from a regional operator into a global provider of building management technology. By 2002, TAC reported an annual turnover of 3.15 billion SEK, quadrupling its 1997 performance.
Headquartered in Malmö, Sweden, TAC specializes in building IT systems designed to optimize energy usage and operational costs for property owners. The company currently employs over 2,000 staff across 70 countries.