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A consortium led by Swiss asset manager Partners Group Holding (PGHN.S) will buy Techem from Macquarie (MQG.AX) in a deal that values the German metering company at an enterprise value of 4.6 billion euros ($5.4 billion), Partners Group said on Friday.

The buyers include Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan as well as Techem’s management team, it said in a statement.

They plan to work with Techem’s management to further develop the company, which supplies energy invoicing and energy management in buildings, in existing markets and expand into new geographic markets.

“One value creation initiative will focus on the introduction of new technologies to Techem’s strong existing platform and installed base to enhance the customer experience,” Partners Group said.

The transaction values Techem at roughly 13 times expected 2018 core earnings, more than the valuation of 11 to 12 times that sources had told Reuters bidders were hoping to pay.

People close to the matter had told Reuters last month that other parties in a final round of bidding were a consortium of buyout firm CVC, Canada Pension Plan Investment Board (CPPIB) and Government of Singapore Investment Corporation (GIC) as well as buyout group Silver Lake.

Macquarie bought Techem for 1.5 billion euros in 2007. The company was founded in 1952 and has more than 3,600 employees.

The deal is expected to close in the third quarter of 2018, Macquarie said in a separate statement.