Kenon Announces Agreement to Acquire 25% Interest in District Heating and Cooling Business in the United States for approximately $450 million

Kenon Announces Agreement to Acquire 25% Interest in District Heating and Cooling Business in the United States for approximately $450 million PR Newswire

SINGAPORE, Sept. 30, 2026 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces that it has entered into an agreement (the "Agreement") to acquire 25% of the equity interest in Vicinity District Energy ("Vicinity" or the "Company") for cash consideration of approximately $450 million in connection with a sale of the Vicinity business. The acquisition is part of a transaction in which the current owner of the Company, an entity related to Antin Infrastructure Partners (the "Seller"), has agreed to sell a majority interest in Vicinity (the "Acquisition") to an entity (the "Buyer") that is owned by Kenon and funds managed by Harrison Street Asset Management (together with such funds, "HSAM"). A consortium of lenders has committed debt financing, which is non-recourse to Kenon and HSAM, of up to $1.4 billion to fund a portion of the purchase price and a facility for future growth capital expenditures of the Vicinity business.