Bids for Portugal's water utility, Indaqua, have escalated to at least €1.3 billion ($1.5 billion), positioning it as one of Portugal's most significant buyouts this year. The competitive auction has prompted several interested parties to request additional information as they prepare to submit their final offers.
Key contenders in the bidding process include Manila Water Co., Igneo Infrastructure Partners, and British Columbia Investment Management Corp. (BCI), all of whom have been invited to submit binding bids. Another industrial investor is also reportedly progressing to the final stage. The top offers have been in the range of €1.35 billion, representing an 18x multiple of the company's €75 million EBITDA.
Antin Infrastructure Partners, the current owner of Indaqua, initially shortlisted bidders and is advised by Citi and Societe Generale. The sale process, which began with around 14 interested parties, is expected to conclude with binding offers by the end of June. Indaqua is Portugal's largest private operator of water and wastewater concessions, serving over 800,000 people domestically and a total of 1.5 million customers including its Angolan operations.
The high level of interest in Indaqua stems from the scarcity of attractive core water assets in Europe, combined with the potential for international expansion. Indaqua recently acquired Spanish firm Hidrogestión in February 2025 and secured €358 million in financing in September 2025. This current sale attempt follows a previous unsuccessful one in 2023, where Equitix offered approximately €800 million for Indaqua.
