EQT Corp., a producer of natural gas, stated on Thursday that it's in exclusive discussions with ICG Infrastructure Equity I regarding the acquisition of Ocea Group. Ocea is a French-based enterprise specializing in water and heat submetering infrastructure.
This potential acquisition is part of a strategy by EQT's Active Core Infrastructure fund to bolster the company's growth. However, the completion of the deal still hinges on several customary regulatory conditions and approvals. These include consultation and information from Ocea’s works council. It's estimated that the transaction might be finalized between the second and third quarters of fiscal 2024.
Ocea has a wide operating scope, managing over four million heat and water submeters. Their comprehensive range of services extends to over 7,000 public and private clients. These services encompass installation and rental, data collection and reading, and maintenance and replacement of submeters.
Since ICG Infra acquired the majority of Ocea's stakes in 2019, it has initiated a series of actions to promote its growth in the sector of energy transition. These initiatives have been led by CEO Emmanuel Croc.
EQT envisions supporting Ocea’s expansion in its primary submetering operations and various other associated solutions. These include services related to the environment, data management, and smart housing sectors. Furthermore, EQT aims to assist Ocea in expanding its asset and client base. This will be achieved by promoting growth through sustainable energy solutions enabled by capital expenditure, along with considerable investments in digital customer services.
