Antin Infrastructure Weighs €3bn Sale of French District Heating Firm Idex

Antin Infrastructure Partners SA is considering selling French district heating operator Idex, which could be worth more than €3bn ($3.2bn), people familiar with the matter said.

The French private equity firm has been speaking to potential advisers as it considers holding a sale process next year, said the people, who asked not to be named discussing private information. A representative for Antin declined to comment.

Antin bought Idex, which operates energy-production plants and district heating networks mostly in France, in 2018 for an undisclosed amount. A successful sale might reassure investors, as Antin cut its earnings target for the full year this month amid a “challenging fundraising environment.”

Idex, which employs about 6,100 people, had €2bn in revenue in 2022, according to its website. The industry is expected to benefit from the French government’s plan to encourage and subsidize the development of district heating and cooling networks when they use renewable energies, as part of its effort curb the country’s carbon emissions.

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Idex aims to complete the refinancing of about €1.5bn of debt next month, one of the people said.

This year, a duo of investors agreed to buy Coriance, another French district heating company, for an enterprise value including debt of about €1.5bn, people familiar with the matter said at the time. In Germany, the city of Berlin is in exclusive talks to buy Vattenfall AB’s district heating business.

Source: BNN Bloomberg

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