Samsung to acquire Germany's FläktGroup for €1.5 billion

South Korean tech giant Samsung Electronics said on Wednesday it has signed an agreement to buy German heating and air conditioning specialist FläktGroup for €1.5 billion ($1.7 billion).

Samsung plans to acquire all shares of FläktGroup from European investment firm Triton, representing its largest takeover in around eight years, according to South Korean news agency Yonhap.

"Our commitment is to continue investing in and developing the high-growth HVAC [heating, ventilation, and air conditioning] business as a key future growth engine," said TM Roh, Samsung's acting head of its Device eXperience (DX) division.

FläktGroup, based in western Germany, serves more than 60 clients, across sectors such as pharmaceuticals, biotech and food and beverage.

Samsung expects the transaction to close within 2025.