International private equity group Bridgepoint is finalizing the sale of part of its water management business, Miya, to the French fund Antin. According to Spanish financial daily Cinco Días, the British fund will keep part of its shares in Miya and Antin will purchase the remaining shares for around 700 million euros (approximately US$824 million).
A year since Bridgepoint acquired Miya from the business arm of Arison Group, Citi was hired to find an attractive buyer for its growing asset. The leading private operator of water distribution in Portugal had been previously founded in 2008 by Israel-based Arison Group.
During a difficult period for mergers and acquisitions (M&A), Bridgepoint decided to sell its stake in a sector which still attracts investors, the infrastructure sector. Cinco Días informs that the sale of Miya received multiple expressions of interest a few months ago. Finally, five bids were selected to advance to the final phase, which included Antin, EQT (through its French subsidiary Saur), BlackRock, KKR and Aqualia, owned by FCC and the IFM fund.
With a few details still to be determined, it would seem that Antin has been selected for the purchase of Miya, which sources say offered the highest bid from the beginning of the process.