EQT X Fund has entered a strategic partnership with WTS Group, acquiring an anchor stake in the German tax and financial advisory firm in a deal aimed at accelerating growth and expanding the company’s European presence.

WTS, founded in 2000 and headquartered in Munich, employs over 1,500 people across 14 German offices and generates approximately €250m in annual revenue. The firm provides high-end tax and financial advisory services and serves 95% of the DAX40, as well as numerous global mid-market leaders.

EQT’s investment will support WTS’s plans to expand internationally through WTS Global, pursue inorganic growth via M&A, and invest further in tax technology and AI innovation. WTS has already pioneered digitalisation in the sector with its proprietary AI platform, ‘plAIground’.

The partnership also includes an expansion of complementary financial advisory services tailored to CFO functions.

The transaction is expected to close in summer 2025, subject to regulatory approval. Upon completion, EQT X will be 50–55% invested. WTS was advised by Rothschild & Co and Noerr, while Hengeler Mueller advised EQT.