Kenon to buy 25% of Vicinity District Energy for about $450 million
Kenon agreed to pay USD 450 million for a 25% equity stake in US district heating and cooling operator Vicinity District Energy, implying USD 2.92 billion enterprise value for 100% subject to post-closing adjustments. Deal uses a Kenon-owned buyer vehicle and includes non-recourse debt commitments up to USD 1.4 billion plus a growth capex facility; closing targeted for Q2 2027 pending regulatory approvals, with cash from existing liquidity.
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Sept 30 (Reuters) — Kenon Holdings Ltd: Kenon Announces Agreement To Acquire 25% Interest In District Heating And Cooling Business In The United States For Approximately $450 Million Kenon - Guarantee For Termination Fee To $40.20 Million Source text:... Further company coverage: KEN.N (Reuters.Briefs@thomsonreuters.com;;)