business
JPMorgan Chase bids at least $3.5 billion for French cooling firm Idex amid heatwave and air-conditioning debate
JPMorgan Chase has emerged as the frontrunner to acquire Idex, a French heating and cooling network operator, for at least $3.5 billion. The deal comes amid a heatwave that has caused 1,000 excess deaths in France.
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JPMorgan Chase has emerged as the frontrunner to buy Idex, a French cooling and heating network operator, from Paris-based private equity firm Antin Infrastructure Partners for at least $3.5 billion, New York Post reported. Idex could be valued between €3 billion and €4 billion including debt. Canada’s CPP Investments is also pursuing the asset.
France has faced a heatwave over the past two weeks with temperatures repeatedly topping 104 degrees Fahrenheit. Official figures show at least 1,000 excess deaths tied to the heat. Idex already supplies cooling systems to the La Defense business district in Paris.
The contest occurs against a backdrop of low air-conditioning adoption in France. As many as nine in 10 American homes have air conditioning, compared with just under one in five French households. The heat has prompted political debate ahead of next year’s presidential election.
Marine Le Pen said last week that if elected she would implement a national air-conditioning plan. Jean-Luc Mélenchon countered that widespread air conditioning would worsen the underlying problem. JPMorgan manages just over $4 trillion in assets worldwide.
