Antin in exclusive negotiations to sell Idex to IIF (J.P. Morgan), closing targeted for early 2027
The infrastructure fund manager is pursuing another exit from its energy portfolio, just days after completing a disposal agreement involving a stake in Sølvtrans.
The transaction, driven by Antin's Flagship Fund III and Fund III-B, values the transformation carried out since 2018 on this French decarbonized heat platform.
Idex set to be acquired by a fund advised by J.P. Morgan
Antin Infrastructure Partners announced on August 5, 2026 that it has entered into exclusive negotiations with the Infrastructure Investments Fund (IIF) for the sale of Idex. The transaction is being conducted through Antin's Flagship Fund III and Fund III-B.
Founded in 1963 and based in the Paris region, Idex is an independent European energy infrastructure platform specializing in decarbonization solutions for public authorities, industrial companies, and residential and tertiary sector clients. The company operates 60 heat and cold networks, 32 energy production units, and 13 waste-to-energy facilities, and meets the energy needs of 18,000 buildings.
The transaction remains subject to customary regulatory approvals as well as the employee representative committee information process. Closing is expected by the first quarter of 2027.
IIF is a private investment vehicle created in 2006, advised by an infrastructure-dedicated group within J.P. Morgan Investment Management Inc. The fund holds 18 portfolio companies, primarily located in the United States, Europe, Canada, and Australia.
Revenue doubled and EBITDA nearly tripled since 2018
Under Antin's ownership, Idex has more than doubled its revenue since 2018, reaching 1.9 billion euros in 2025. Its EBITDA was nearly tripled over the same period, reaching 210 million euros in 2025.
Headcount has increased from approximately 3,800 to more than 6,400 employees. The group has expanded its offering, penetrated new customer segments, and established operations in new markets, including Belgium, Lithuania, and Italy.
On the environmental front, the share of renewable energy and waste recovery in its heat and cold networks activity increased from 40% to 65% between 2018 and 2025. Since summer 2025, Idex has become a mission-driven company.
Morgan Stanley and Rothschild & Co acted as financial advisors to Antin, and Weil, Gotshal & Manges as legal counsel. UBS advised IIF on the financial side, with Latham & Watkins as legal counsel.
An exit following other portfolio movements
This transaction takes place in a context of asset rotation for Antin. On July 29, 2026, the group concluded an agreement to sell a 30% minority stake in Sølvtrans, which specializes in wellboat services for aquaculture, to British fund GLIL Infrastructure.
Antin Infrastructure Partners manages more than 33 billion euros in assets, distributed across its Flagship, Mid Cap, and NextGen strategies. The company, listed on Euronext Paris, is majority-owned by its partners and employs more than 250 professionals in its offices in Paris, London, New York, Seoul, Melbourne, and Luxembourg.
