On 25 August, the Abu Dhabi National Energy Company (TAQA) announced an agreement to acquire 100% of Spain-headquartered GS Inima for approximately US$1.2 billion. Subject to regulatory approvals, closing is expected in 2026. The transaction is a major cross-border move in the global water sector.
GS Inima’s portfolio contains approximately 50 assets, including 30 long-term public-private partnerships, across 10 countries in Europe, Latin America, and Asia, giving TAQA immediate access to high-growth markets. The transaction adds approximately 0.77 million m3 per day of desalination capacity to TAQA’s existing 5.7 million m3 per day portfolio. It also contributes 1.2 million m3 of drinking water capacity and 2.6 million m3 of wastewater and industrial treatment capacity, serving a total population of 1.3 million inhabitants.
The transaction implies an EBITDA multiple of roughly 10 times, based on GS Inima’s reported US$124 million EBITDA. This valuation reflects the premium attached to long-term, inflation-linked concession contracts in the water sector, where GS Inima’s portfolio is largely concentrated.
