Indaqua Bidders Are Said to Seek Additional Data to Place Offers

(Bloomberg) — The sale of Portuguese water utility Indaqua has been delayed after potential bidders requested additional information before submitting their binding offers, according to people familiar with the matter.

Bids were due by late July, but the deadline was extended after at least one potential buyer asked for more information related to concessions, said the people, who cannot be named as the matter isn’t public. Bidders are awaiting the new data before completing due diligence and submitting final offers, the people said.

Manila Water Co., Igneo Infrastructure Partners, British Columbia Investment Management Corp. and Basalt Infrastructure Partners remain in the process, said the people. No decision has been made and Antin Infrastructure Partners, the fund that controls Indaqua since 2020, could decide not to go ahead with the sale.

Representatives for Antin and Basalt declined to comment. Indaqua, Manila Water, Igneo and BCI didn’t respond to requests for comment.

Indaqua had previously attracted non-binding offers valuing it at €1.3 billion ($1.5 billion) or more, in what could become one of Portugal’s biggest buyouts this year.

Founded in 1994, Indaqua operates water supply systems and wastewater concessions in Portugal, where it has some 810,000 clients, and Spain, where it services another 80,000. It also operates in Angola, through engineering projects and consultancy.

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