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 (OTCPK:SSNLF) is nearing a deal to acquire European heating and cooling products provider FläktGroup Holding, Bloomberg News reported citing people with knowledge of the matter. Samsung and FläktGroup-owner Triton Investments Advisers are in the final stages of discussing an acquisition that values the German company at around $1.

Samsung Electronics has announced its largest acquisition in nearly a decade, agreeing to purchase German HVAC specialist FlktGroup for 1.5 billion ($1.68 billion) from European private equity firm Triton.