Indaqua Water Utility Sale Attracts Bids Over $1.2B

A competitive bidding process is underway for Indaqua, Portugal's largest private water utility, with valuations reportedly exceeding €1.2 billion. The infrastructure investment firm Antin Infrastructure Partners, the current majority owner, has advanced several prominent global investors to the second stage of the sale. This strategic divestment aims to crystallize significant gains for Antin, which acquired a controlling stake in the company, then known as Miya Water, in 2020 for €625 million.

The shortlist of potential acquirers includes a formidable consortium of APG, the Dutch pension fund manager, and Interogo, the investment vehicle associated with the founders of IKEA. Also in contention are the Australian infrastructure fund Igneo and the UK-based Basalt, a firm operating under the umbrella of Colliers. These entities are now conducting thorough due diligence, preparing to submit binding offers by the end of June.

Further strengthening the competitive field are the Canadian pension giant British Columbia Investment (BCI) and the Philippine water utility Manila Water, a subsidiary of tycoon Enrique K. Razon's conglomerate. Their participation underscores the international appeal and strategic importance of Indaqua's assets. While other major players like Taqa, KKR, and Morgan Stanley initially expressed interest, they have reportedly exited the race.

Indaqua has significantly expanded its operational footprint beyond its Portuguese base. The company has strategically bolstered its presence in Spain through recent acquisitions, notably Fusosa in Mallorca and Hidrogestión, acquired from Cobra (part of Vinci) in early 2025. Hidrogestión manages eleven water and sanitation concessions across key Spanish regions including Toledo, La Rioja, León, Jaén, and Granada. This dual-country presence positions Indaqua as a substantial player in the Iberian water management sector.

The company's operational scale is considerable, employing over 900 professionals and serving approximately 810,000 consumers in Portugal and around 80,000 in Spain. Indaqua's financial performance is robust, with an EBITDA reported to be in the region of €75 million. To support its growth trajectory and capital structure, Indaqua secured an additional €358 million in financing in September from lenders including Schroders and Santander.

The water infrastructure sector continues to attract significant investor attention, driven by essential service provision, long-term concession agreements, and increasing demand for sustainable water management solutions. Indaqua's robust operational performance, strategic acquisitions, and expansion into the Spanish market make it a prime target for infrastructure funds seeking stable, long-term returns. Antin Infrastructure Partners is being advised on the sale by Citi, Société Générale, and Roland Berger.