Antin signs agreement to divest majority stake in Vicinity Energy, valued at $2.92 billion
Antin Infrastructure Partners has concluded, through its Flagship Fund IV, an agreement to divest a majority stake in American company Vicinity Energy to Harrison Street Asset Management. The transaction values 100% of Vicinity at an enterprise value of $2.92 billion. This constitutes the third exit announced by Antin in recent weeks and the first announced exit from Flagship Fund IV.
A divestment subject to conditions, closing expected in first half of 2027
Antin Infrastructure Partners announced on September 30, 2026 the signing of an agreement to divest a majority stake in Vicinity Energy Inc. to Harrison Street Asset Management. The transaction values all of Vicinity at an enterprise value of $2.92 billion.
The operation remains subject to customary regulatory approvals and its completion is expected during the first half of 2027. Harrison Street plans to complete the acquisition through a joint venture with Kenon Holdings.
Vicinity, the leading district energy platform in the United States
Free · Every morning
Technical market signals, before the opening bell.
Bullish and bearish momentum, analyst changes, stocks to watch — automatically computed from Euronext data.
✓ Before 9 AM every morning✓ Euronext data✓ AI-powered analysis
You're in — subscription confirmed!
Your first edition is on its way. Check your spam folder and add us to your contacts.
An error occurred.
Indicative data. No investment advice. Unsubscribe at any time.
Gratuit · chaque matin
Ne ratez plus rien sur vos actions
La tendance derrière les cours. L'essentiel des valeurs Euronext en quelques minutes.
📈les valeurs en mouvement, sur la durée
🎯les objectifs d'analystes qui évoluent
📰les actualités qui font bouger les cours
tendance · 6 séances
✓ C'est fait, vous êtes inscrit !
Votre première édition arrive bientôt. Pensez à vérifier vos spams.
Une erreur est survenue.
CAC 40 · SBF 120 · données indicatives · aucun conseil en investissement · désinscription à tout moment.
Based in Boston (Massachusetts), Vicinity is presented as the leading owner and operator of district energy systems in the United States, with 19 systems in 12 cities and service to over 1,000 buildings under long-term contracts. The company was established in 2019 through a carve-out of Veolia's district energy business in the United States.
Under Antin's ownership, Vicinity connected over 160 new buildings to its networks and undertook modernization investments in its facilities. The company offers an eSteam solution generated by electric boilers and industrial heat pumps using renewable energy sources.
Third exit following Sølvtrans and Idex
This transaction follows the divestment by Flagship Fund III of a 30% stake in Norwegian fish farming vessel operator Sølvtrans and that of Idex, a European energy infrastructure platform. Vicinity represents the first exit from Flagship Fund IV and that of one of Antin's flagship funds in the United States.
Evercore Group LLC and TD Securities (USA) LLC acted as co-lead financial advisors and Natixis, New York Branch as financial advisor to Antin and Vicinity, while Kirkland & Ellis LLP acted as legal counsel.
SectorServices financiers et marchés›Gestion d'actifs
Free · every morning · before 9am
Never miss a move on your stocks
The trend behind the prices · Euronext
✓ You're in! Check your spam folder.
An error occurred.
Context
Period
Period: S1 2026
Key reported figures
Revenue: 138,5 millions d'euros
Quarterly revenue: 138,5 millions d'euros
Revenue growth: -6,5 %
EBITDA: 69,9 millions d'euros
EBITDA margin: 50,5 %
Net income: 46,6 millions d'euros
Free cash flow: 24,5 millions d'euros
-326 millions d'euros
Guidance from the release
As the activation of Mid Cap II is now expected in the fourth quarter, the underlying EBITDA of 2026 is currently projected to be slightly below the 2025 level
Risks mentioned
Fund III-B trending below plan with negative NAV movements in the first half of 2026
Decrease in management fees due to Mid Cap I step-down and delayed activation of Mid Cap II
Exposure to complex M&A environment impacting fund portfolio valuations
Opportunities identified
Mid Cap II fundraising launched with strong investor interest, expected activation in Q4 2026
Continued value creation across main funds with Flagship IV & V and Mid Cap I generating performance around or above 15%
Exit liquidity events announced (Sølvtrans partial sale and Idex full sale) expected to distribute approximately €2.1 billion to fund investors
Outlook / guidance
Management commentary: As part of the publication of its 2025 results, Antin indicated that the underlying EBITDA of 2026 was expected to remain broadly stable compared to 2025, based on the assumption that Mid Cap II was activated in the second quarter of 2026. As the activation of Mid Cap II is now expected in the fourth quarter, the underlying EBITDA of 2026 is currently projected to be slightly below the 2025 level.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
