Beijing Enterprises, the Hong Kong-based holding company used to fund investments on behalf of the Chinese city, has announced the purchase for 1.44 billion euros of EEW, the German group specializing in technologies related to district heating and energy generation from waste. The proposed transaction would represent the largest takeover of a German company by a Chinese group. The company is expected to be ceded to the Chinese group by late February, according to the Swedish investment fund EQT, who have been involve with EEW since 2013.

Matthias Fackler, representing the EQT Group, commented on the acquisition, saying: “In the last three years, we have used our industrial expertise to help EEW to strengthen its business processes. […] This has led to the expansion of the EEW customer base and the establishment of a highly efficient organization, which portends good things in the future. We are convinced that Beijing Enterprises is the right partner to continue to develop EEW, nationally and internationally.”

No representatives of Beijing Enterprises were available for comment at the time of publication.