Antin Sells Idex to Infrastructure Investments Fund in €1.9 Billion Energy Transition Bet — Antin Infrastructure Partners S.A.

Event summary

Antin Infrastructure Partners has entered exclusive negotiations to sell Idex to the Infrastructure Investments Fund (IIF).
Idex, a European energy infrastructure platform, operates 60 district heating/cooling networks and generated €1.9 billion in revenue in 2025.
Under Antin’s ownership since 2018, Idex doubled its revenue to €1.9 billion and tripled EBITDA to €210 million by 2025.
The transaction is expected to close by Q1 2027, subject to regulatory approvals.

The big picture

This deal reflects the growing private equity interest in energy transition assets, particularly those with vertically integrated capabilities. With €33 billion in AUM, Antin is exiting Idex at a time when infrastructure funds are increasingly targeting decarbonization-focused platforms. IIF’s acquisition underscores the strategic value of local, low-carbon energy solutions amid Europe’s push for sustainable infrastructure.

What we're watching

Execution Risk: Whether IIF can sustain Idex’s rapid growth trajectory amid regulatory hurdles and integration challenges.
Strategic Fit: How IIF’s long-term ownership model will align with Idex’s mission-driven approach to decarbonization.
Market Expansion: The pace at which Idex accelerates its expansion into new geographies like Belgium, Lithuania, and Italy under new ownership.