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 signed an agreement to acquire all shares of FläktGroup, a leading global HVAC solutions provider, for $US1.67 billion from European investment firm Triton.