The sale of Portugal's largest private water concession operator, "INDAQUA," is in the final stage of binding proposals, with several funds shortlisted (Igneo, Manila Water, BCI, Basalt...).

Antin Infrastructure Partners, a French infrastructure-focused fund, is moving forward with the sale of Indaqua, the largest private operator of municipal water and sanitation concessions in Portugal. The competitive process, launched in early 2026, values ​​the company at approximately €1.3 billion (enterprise value), representing a multiple of roughly 18 times EBITDA (estimated at around €75 million).

Headquartered in Matosinhos and led by Pedro Perdigão, Indaqua serves over 800,000 consumers in Portugal (with some estimates suggesting a reach of around 1.5 million people when including operations in Spain and Angola). The company manages concessions for drinking water supply, sanitation, and wastewater treatment, and has strengthened its presence across the Iberian Peninsula in recent years.

Key deal highlights

Seller: Antin Infrastructure Partners, which has owned Indaqua since 2020 (having acquired it from Bridgepoint).

Valuation: Approximately €1.3 billion (enterprise value). Non-binding bids in the first round reached a high of around €1.35 billion.

Timeline: Non-binding bids were submitted in April 2026. A shortlist of candidates advanced to the due diligence and binding bid phase, with final offers expected by the end of June 2026. The deal was scheduled to close in the summer, though timelines for such processes are subject to adjustment.

Transaction history: If completed, this will mark Indaqua's fourth change of control in less than a decade (Mota-Engil → Arison/Miya Group → Bridgepoint → Antin). An attempt to sell the company to Equitix in 2023 (under an exclusivity agreement valued at around €800 million) did not proceed. Shortlisted candidates

Notable among the investors selected for the final phase (binding offers) are:

Igneo Infrastructure Partners (Australian, a unit of First Sentier Investors) – already has a significant presence in Portugal (majority shareholder of Finerge and owner of Autoestradas do Douro Litoral).

Manila Water Company (Filipino, controlled by the Enrique Razon group).

British Columbia Investment Management Corporation (BCI) – a major Canadian pension fund.

Basalt Infrastructure Partners (British).

Other names, such as the consortium comprising APG (Dutch, linked to Brisa) and Interogo (Ikea family), did not make it to the final phase. Initial interest also came from players such as Acea (Italy), among others.