Samsung Electronics Co. has agreed to buy FläktGroup Holding GmbH for €1.5 billion ($1.7 billion), acquiring the European heating and cooling specialist in its biggest overseas takeover in eight years.

Samsung Electronics said on May 14 that it has signed a deal to acquire Germany-based FläktGroup, Europe’s largest heating, ventilation and air conditioning (HVAC) company, for 1.5 billion euros ($1.6 billion).

Samsung Electronics will buy all shares of German heating, ventilation and air conditioning (HVAC) solutions provider FläktGroup for 1.5 billion euros ($1.68 billion), marking the Korean manufacturer's jump into the global HVAC market.