According to people familiar with the matter, J.P. Morgan's asset management department is close to reaching a deal to acquire Idex, a French heating and cooling network operator under Antin Infrastructure Partners SA.

The deal valued Idex (including debt) at around €3.8 billion ($4.4 billion) and could be announced in the next few days.

The media previously reported that J.P. Morgan Asset Management was the leader in the acquisition of this business.

Idex operates several urban air conditioning networks, including one located in the La Defense (La Defense) business district in the Paris region. At the time of this potential sale, France, like the rest of Western Europe, is struggling to cope with more frequent heatwaves caused by climate change, which are bringing record high temperatures to major cities.

Antin acquired Idex in 2018 for an undisclosed amount. The latter also involved solar power generation, waste-to-energy facility operation, and heating system upgrades. Idex recorded earnings of €211 million in the last fiscal year.

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