India, Sept. 30 -- Kenon Holdings Ltd. (KEN) on Wednesday announced that it has agreed to acquire a 25% interest in Vicinity District Energy, a U.S. district heating and cooling infrastructure platform, for approximately $450 million in cash.
The acquisition is expected to close in the second quarter of 2027.
The deal values Vicinity at an enterprise value of $2.92 billion.
The company's maximum cash obligation is approximately $450 million.
The company intends to fund the acquisition using cash on hand and available liquidity.
Vicinity's current owner, an entity related to Antin Infrastructure Partners, has agreed to sell a majority interest in the business.
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