PARIS: Antin Infrastructure Partners has entered into exclusive negotiations to sell French energy infrastructure platform Idex to the Infrastructure Investments Fund (IIF), a vehicle advised by J.P. Morgan Investment Management Inc., the companies announced Tuesday.
The all-cash transaction, expected to close by the first quarter of 2027, would see Idex change hands for an enterprise value including debt of approximately €3.8 billion ($4.4 billion), according to people familiar with the matter cited by Bloomberg News. Antin declined to comment on the valuation.
Idex, founded in 1963 and headquartered near Paris, operates 60 district heating and cooling networks, 32 energy production plants and 13 energy-from-waste plants across Europe. The company serves 18,000 buildings and has grown its workforce to more than 6,400 employees from approximately 3,800 since Antin’s acquisition in 2018.
Under Antin’s stewardship, Idex more than doubled revenue to €1.9 billion in 2025, while EBITDA nearly tripled to €210 million, according to company statements. The share of energy sourced from renewables and recovered waste in its district heating business increased to 65% from 40% over the same period.
“We are proud of the deep transformation and impressive growth journey that Idex has accomplished under Antin’s stewardship, allowing us to generate solid returns for our fund investors,” Stéphane Ifker, managing partner and co-chief investment officer at Antin, said in a statement. Ifker and Senior Partner Mehdi Azizi expressed confidence the company “will continue its growth with its new partner.”
Benjamin Fremaux, CEO of Idex, said the new backing “gives us the financial and strategic firepower to drastically speed up the decarbonisation projects of the industries and communities we serve.”
Ben Francis, investment principal to IIF, said the fund is “delighted to invest in Idex, a leading energy infrastructure platform powering France’s transition to local, low-carbon, reliable energy.”
The transaction, conducted through Antin’s Flagship Fund III and Fund III-B, remains subject to customary regulatory approvals and the company’s Works Councils’ information process. Morgan Stanley & Co. International plc and Rothschild & Co served as financial advisers to Antin, with Weil, Gotshal & Manges providing legal counsel. UBS advised IIF, with Latham & Watkins serving as legal counsel.
Antin Infrastructure Partners is a listed private equity firm focused on infrastructure with over €33 billion in assets under management. Majority owned by its partners, Antin is listed on Euronext Paris under the ticker ANTIN and maintains offices in Paris, London, New York, Seoul, Melbourne and Luxembourg.
The Infrastructure Investments Fund, established in 2006, is advised by a dedicated infrastructure investment group within J.P. Morgan Investment Management Inc. The fund’s 18 portfolio companies are primarily located in the United States, Europe, Canada and Australia, and include two energy services companies in Europe. IIF has invested billions in renewable power generation assets representing 11.6 GW of capacity, including approximately 1 GW in France.
Idex employs nearly 6,400 people and develops, designs, finances, builds and operates local, carbon-free energy infrastructure. The company has been a mission-driven enterprise since summer 2025 and positions itself as the only vertically integrated operator covering the entire local energy value chain, from generation through distribution to end-use optimization.
