SAMSUNG Electronics Co. signed an agreement 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.
The Korean company said in a statement it’s inked a pact to acquire all shares of the German company from Triton Investments Advisers LLP. Samsung’s shares rose 1.1% in pre-market trading.
FläktGroup would help bolster Samsung’s position against rivals such as LG Electronics Inc. in the heating, ventilation and air-conditioning market, which is expanding rapidly alongside the need to cool data centers during the AI development boom.
The transaction, first reported by Bloomberg News, signals Samsung’s return to a more acquisitive mode, a shift intended to revive flagging growth across a business that spans chipmaking, appliances and smartphones. A FläktGroup deal would be the company’s most significant acquisition since its $8 billion purchase of Harman International Industries Inc. in 2017. –BLOOMBERG
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