Reuters reported German metering group Techem has launched a €1.75 billion ($1.99 billion) refinancing that will be offered with portability, enabling the new loans to stay in place if a sale goes ahead.

The company is being targeted in a hostile takeover battle by Australian infrastructure investor Macquarie, according to Reuters.

Deutsche Bank, JP Morgan, Bank of America Merrill Lynch and Macquarie are leading the deal alongside Credit Agricole and UniCredit.