CVC snaps up German firm

City A.M. Reporter
PRIVATE equity group CVC is buying the stake in German energy-metering firm Ista it does not already own in what will be Germany’s largest private equity deal in five years.

CVC will buy a 76 per cent stake from co-owner Charterhouse, in a deal valuing the company at €3.1bn (£2.6bn), two people familiar with the transaction said yesterday.

CVC said in a statement that it expected to close the transaction by mid-year.