JP Morgan Asset Management’s Infrastructure Investments Fund (IIF) has entered exclusive negotiations to acquire French energy infrastructure platform Idex from Antin Infrastructure Partners.
Antin, which has owned the asset via its Flagship Fund III and Fund III-B since 2018, is selling the platform to the open-ended IIF vehicle for an undisclosed sum.
Founded in 1963, Idex operates 60 district heating and cooling networks, 32 energy production plants and 13 energy-from-waste plants, serving 18,000 buildings across France and Europe.
Stéphane Ifker, managing partner and co-CIO, and Mehdi Azizi, senior partner at Antin, said: “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.”
Benjamin Fremaux, CEO of Idex, said: “I want to thank our teams for driving the incredible transformation of Idex over the last few years, and our clients for building such strong, lasting partnerships with us. Today, we are changing scale.
“This 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: “We are delighted to invest in Idex, a leading energy infrastructure platform powering France’s transition to local, low-carbon, reliable energy.
“In partnering with Benjamin Fremaux and the management team, we look forward to supporting the collective growth of Idex’s customers, employees and communities.”
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