Optimistic about the opportunities in Europe's energy transition, JPMorgan Asset Management plans to acquire French heating and cooling giant Idex for nearly 3.8 billion euros.

According to informed sources, JPMorgan's asset management division is close to reaching a deal to acquire the French heating and cooling network operator Idex from Antin Infrastructure Partners SA.

The transaction values Idex (including debt) at about 3.8 billion euros (approximately 4.4 billion US dollars), and may be announced in the coming days.

Media previously reported that JPMorgan Asset Management was the frontrunner to acquire this business.

Idex operates multiple district cooling networks, including one in the La Defense business district of the Paris region. The potential sale comes as France, like other regions in Western Europe, is struggling to cope with more frequent heatwaves driven by climate change, which are bringing record-high temperatures to major cities.

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