Ardian acquired approximately 97% of Akuo for an equity value of approximately EUR1 billion, enabling the exit of ICG (Intermediate Capital Group), which had provided EUR650 million in non-dilutive financing in 2022. The deal followed two years of complex negotiations where initial bids from KKR, Antin, and InfraVia failed to meet the founders' expectations. Ardian secured the deal by offering value-sharing mechanisms and earn-outs, ensuring the founders remain involved as minority shareholders and operational leaders.

AKUO, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGINcurrently observed in the Energy & Utilities sector.

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