JPMorgan Asset Management eyes opportunities in Europe's energy transition, planning to acquire French heating and cooling giant Idex for nearly 3.8 billion.

According to informed sources, the asset management division of JPMorgan Chase is close to finalizing a deal to acquire Idex, a French heating and cooling network operator owned by Antin Infrastructure Partners SA. The transaction values Idex (including debt) at approximately 3.8 billion euros (about 4.4 billion dollars) and may be announced in the coming days. Media reports have previously indicated that JPMorgan Asset Management is the frontrunner in acquiring this business. Idex operates several urban air conditioning networks, including one in the La Dfense business district of the Paris region. The potential sale comes at a time when France, like other regions in Western Europe, is grappling with more frequent heatwaves triggered by climate change, which are bringing record-high temperatures to major cities. Antin acquired Idex in 2018, with the purchase amount undisclosed. Idex is also involved in the generation of CECEP Solar Energy, waste-to-energy facility operations, and heating system upgrades. Idex recorded revenues of 211 million euros in the last fiscal year.