Basalt hires Jefferies for Indaqua bid process

Basalt Infrastructure Partners has hired Jefferies as financial adviser for the next stage of the sale of Indaqua, ECOnews has learned, as bidders prepare binding offers for one of Portugal’s largest private water operators. The company is valued at about €1.3 billion and operates municipal water concessions in Portugal.

The sale process initially drew around 14 interested parties and is now expected to move forward with four bidders after APG, the Dutch pension investor, and Interogo, linked to Ikea, were confirmed to be out. Indaqua’s owner, France’s Antin Infrastructure Partners, had indicated it would invite up to three bidders to submit binding offers, but later widened the shortlist.

Igneo Infrastructure Partners is expected to work again with law firm Vieira de Almeida and consultancy KPMG, which advised it on its recent acquisition of the motorway concessionaire Autoestradas do Douro Litoral. According to Mergermarket and Bloomberg, Manila Water is also expected to submit a binding bid, while Canada’s BCI remains on the shortlist. Contacted by ECOnews, BCI said it would not comment.

Antin expects to receive binding offers by the end of June. Indaqua, led by Pedro Perdigão, posted a 45.8% rise in net profit to €27.77 million in 2024, while turnover increased 20.5% to €11.83 million, according to financial data.

Originally published at Eco.pt