Bids for Portugal’s Indaqua Increase to at Least €1.3 Billion

Portuguese water utility Indaqua is attracting bids valued at €1.3 billion ($1.5 billion) or more in what would be one of the country’s biggest buyouts this year, according to people familiar with the matter.

Manila Water Co., Igneo Infrastructure Partners and British Columbia Investment Management Corp. are among suitors that have been invited to submit binding offers, said the people, who asked not to be identified because the information is confidential.

Indaqua’s valuation has increased from the more than €1 billion rangepreviously reported by Bloomberg News and others, one of the people added. The sale is shaping up ...