As of October 2026, Antin Infrastructure Partners has yet to name a winning bidder for Indústria e Gestão de Águas, S.A. (Indaqua), a Portuguese water concessionaire it put up for sale in March. The process ran past the July deadline for binding bids after at least one bidder requested more information on Indaqua’s concession contracts.
Four bidders remain: Manila Water, Igneo Infrastructure Partners, British Columbia Investment Management Corporation, and Basalt Infrastructure Partners. Non-binding offers were reported to value Indaqua at €1.3 billion or more, with top offers of €1.35 billion, or 18x estimated 2025 EBITDA of €75 million.
Indaqua operates eight municipal water and wastewater concessions in Portugal, which the company reports serve more than 810,000 people. It also runs a smaller Spanish business serving roughly 80,000 people across 13 municipalities.
