COBALT assisted Latham & Watkins in advising the Infrastructure Investments Fund (IIF) on the legal due diligence and W&I insurance workstreams from a Lithuanian law perspective in connection with its acquisition of Idex.
Established in 2006, IIF is a private infrastructure investment fund advised by J.P. Morgan Investment Management’s infrastructure-focused team. The fund invests in infrastructure businesses across the United States, Europe, Canada and Australia, with 18 portfolio companies.
Idex is a key player in the energy transition, providing local energy solutions and operating a diversified portfolio of energy infrastructure assets across Europe. Its activities focus on supporting the decarbonisation of buildings and industry through district heating and cooling, renewable energy, energy efficiency, and energy-from-waste solutions. Idex operates 60 district heating and cooling networks, 32 energy production plants, and 13 energy-from-waste facilities, serving 18,000 buildings across Europe with a workforce of nearly 6,400 employees.
The all-cash transaction values Idex at an enterprise value of approximately EUR 3.8 billion and is expected to close by Q1 2027. The transaction is subject to the customary regulatory approvals.
The COBALT team was led by Partner Elijus Burgis assisted by Associate Partner Sandra Sidoraitė and Associate Greta Linartaitė.
