Kenon To Acquire 25% Of Vicinity District Energy Business For $450 Mln

(RTTNews) - 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. Vicinity provides district heating and cooling services in 12 major U.S.