Swiss Life and Schroders Greencoat, in collaboration with advisors IDCM and Evercore, are engaged in exclusive negotiations to acquire Equans’ district heating portfolio in the UK, according to sources.
The talks between the consortium and Equans commenced over the past weekend.
While a sale and purchase agreement has yet to be signed, the deal encompasses the acquisition of Equans’ heat network concessions in London’s Olympic Park and Battersea, as well as other cities in the UK.
Initially, Swiss Life submitted a non-binding offer, but in the second round, Schroders Greencoat joined the consortium. Bids were submitted on July 10.
Swiss Life has chosen not to provide a comment, and responses from Schroders Greencoat, IDCM, and Evercore are still pending.
Cube participated in the second round of the process but did not submit a final offer.
CKI was shortlisted for the second round but also did not submit final bids.
Igneo Infrastructure Partners was also shortlisted but did not present a final bid.
DIF Capital Partners made an initial bid, although it remains uncertain whether they submitted a final offer.
Equans’ assets generate a combined EBITDA of approximately GBP 20 million and are expected to command an enterprise value of around EUR 400 million.
Cube declined to comment, while CKI, DIF, and Equans did not respond to comment requests.
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