Vicinity Energy acquired by ANTIN INFRASTRUCTURE

Antin Infrastructure Partners finalized the acquisition of Veolia’s U.S. district energy business (renamed Vicinity Energy) for an enterprise value of . The transaction, announced on 31 July 2019, transfers ownership of the largest district‑energy provider in the United States, comprising 13 heating and cooling networks across ten cities, including Boston/Cambridge, Philadelphia and Baltimore, which together account for roughly 80 % of the Company’s revenue. Antin will acquire the business subject to regulatory approvals and will work with the Company’s management team to pursue a portfolio of growth initiatives, notably network densification, mid‑scale project development in both existing and new markets, expansion of energy‑services offerings and further acquisitions. The Company is expected to generate revenue of approximately in 2019, serving commercial premises, government entities, universities, hospitals, hotels and manufacturing facilities, many of which have long‑standing contracts dating back to the 1960s. This acquisition follows Antin’s 2018 purchase of Idex, a French integrated operator of district‑energy assets, and reflects the firm’s strategy of leveraging its European infrastructure experience to build a platform in the U.S. market. Antin was advised by RBC, Messier Maris & Associés and Ph Villin Conseil, with White & Case acting as legal counsel.