Brookfield Asset Management has agreed to acquire nVent’s thermal management business for US$1.7 billion in cash.

London-based nVent announced the agreement Thursday in a news release. Toronto-based Brookfield had yet to comment.

Operating mainly under the Raychem brand, nVent’s thermal management business provides heat-tracing management systems for infrastructure and commercial properties, including multi-residential buildings, around the world.

NVent has about 1,700 employees globally and operates approximately 120 manufacturing, service and distribution centres in various countries. The company has two Canadian locations, in Trenton, Ont., and Edmonton and a large presence in the U.S., Mexico and Europe.

NVent also has two locations in China. The firm’s principal office is in London, while its management office is located in Minneapolis.

“[The] thermal management [business] is a leader in electric heat management solutions with a strong, experienced team that is focused on delivering innovative solutions to customers,” said nVent Chair and CEO Beth Wozniak.

“Consistent with our strategy, the sale represents a significant step to nVent becoming a higher-growth and more focused electrical connection and protection leader, well-positioned with the megatrends of electrification, sustainability and digitalization.”

The deal is expected to close in early 2025.