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 Wednesday that it has agreed to acquire all shares of FläktGroup, a German maker of air conditioning and heating systems, for 1.5 billion euro ($1.68 billion) from European investment firm Triton.

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.