We advised Antin Infrastructure Partners on the Lithuanian aspects of the legal vendor due diligence in connection with Antin’s entry into exclusive negotiations for the sale of Idex Group to Infrastructure Investments Fund (IIF), a fund advised by J.P. Morgan Asset Management.
Idex Group is a leading independent player in energy infrastructure, providing a broad range of decarbonisation solutions to municipalities, industrial companies, and residential and commercial customers. The group operates district heating and cooling networks, energy production and waste-to-energy facilities, and manages the energy needs of nearly 18,000 buildings.
Under Antin’s ownership, Idex has undergone a significant transformation and emerged as a major player in the energy transition in France and across Europe. The company expanded its core business and offering, entered new customer segments and geographies, including Belgium, Lithuania and Italy, and strengthened its management and commercial capabilities. Over this period, its workforce grew from approximately 3,800 to more than 6,400 employees, while revenues more than doubled to EUR 1.9 billion in 2025 and EBITDA nearly tripled to EUR 210 million. Idex has also made significant progress in sustainability, increasing the share of renewable and recovered-waste energy in its district heating and cooling business from 40% to 65% between 2018 and 2025.
The transaction remains subject to customary regulatory approvals and the company’s Works Councils’ information process, and is expected to close in Q1 2027.
Our team and services
The Sorainen team advised the client in cooperation with the French law firm Weil Paris.
Our team, consisting of partner Sergej Butov, counsel Raminta Karlonaitė-Durnan, senior associate Simonas Šlitas, and associates Goda Mačiulaitė, Nojus Jašmontas, Andrius Pilitauskas and Beatričė Zubytė, conducted vendor legal due diligence on Idex’s Lithuanian entities, supported the preparation and management of the virtual data room, and assisted in responding to legal due diligence queries from potential investors throughout the transaction process.
