Potential buyers have prompted a delay to the sale of Indaqua, the Portuguese water utility, while they seek additional concession-related disclosures, said people with knowledge of the situation who asked not to be identified because it isn't public. With the late July deadline extended, bidders are waiting on the new information to finish due diligence and submit final offers.
Manila Water Co., Igneo Infrastructure Partners, British Columbia Investment Management Corp., and Basalt Infrastructure Partners are still participating, the people said. A final call has yet to be taken, and Antin Infrastructure Partners - which has controlled Indaqua since 2020 - may ultimately opt against pursuing a sale. Antin and Basalt representatives offered no comment; Indaqua, Manila Water, Igneo, and BCI did not reply to requests for comment.
Founded in 1994, Indaqua runs water supply systems and wastewater concessions across Portugal, serving roughly 810,000 clients. In Spain it services about 80,000 more, and it is active in Angola via engineering assignments and advisory work. Earlier in the process, non-binding offers pointed to a valuation of at least €1.3 billion ($1.5 billion), positioning it as one of Portugal's larger potential buyouts this year.
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Expect the timeline to stretch, since bidders plan to complete diligence only after they receive the new concession data. That delays clarity on both ownership and price, but it also means the eventual numbers could reflect a closer look at the underlying contracts and cash flows.
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