ICG and InfraVia are pleased to announce that they have entered into exclusive negotiations for the acquisition by ICG of a majority stake in OCEA Smart Building (OSB). With more than three million meters installed, OSB is a leading player in the French market for smart water and heat metering infrastructures. Since its recent acquisition of Bornes Solutions, the company is now also involved in the rental of charging stations for electric vehicles in private and corporate car parks.

OSB operates 27 sites across France and covers the entire value chain of water and heat sub-meters. Through long-term contracts (10 years or more), OSB provides a comprehensive range of sub-metering services to public and private collective housings, including installation and rental, reading and data collection, and maintenance and replacement. The company also offers innovative auxiliary solutions (i.e. data management services, environmental performance consulting and smart house solutions), enabling greater control of water and heat consumption for its customers.

The planned transaction is subject to review by relevant employee representative bodies.

The acquisition of OSB would be the second investment made by ICG's European Infrastructure team, which was established in 2018 and is headed by Guillaume d'Engremont. It would follow the recent investment in Océinde Communications, the leading fiber-to-the-home (FTTH) operator in the French department of Réunion Island. The team is also in advanced discussions regarding several other investment opportunities across Western Europe.

ICG is advised by DC Advisory (M&A), AyacheSalama (legal), Accuracy (finance), PwC (legal audit) and Emerton (strategy). InfraVia is advised by Rothschild (M&A), Bird&Bird (legal), Eight Advisory (finance) and Roland Berger (strategy).