Seoul, May 14
Samsung Electronics said on Wednesday it has acquired FlaktGroup Holding, a Germany-based ventilation company, for 1.5 billion euros ($1.68 billion), marking its largest takeover in about eight years.
The company has signed an agreement with European investment firm Triton to take over a 100 percent stake in the German heating, ventilation and air-conditioning (HVAC) company, according to Samsung Electronics.
"Through the acquisition of FlaktGroup, an applied HVAC specialist, Samsung Electronics has laid the foundation to become a leader in the global HVAC business, offering a full range of solutions to our customers," said Roh Tae-moon, acting head of the device division at Samsung Electronics, reports news agency.
"Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine."
This is the South Korean tech giant's most significant acquisition since its $8 billion purchase of Harman International in 2017.
Based in Herne, western Germany, FlaktGroup provides energy-efficient air solutions for a wide range of facilities, including data centres, airports, museums and commercial buildings.
This acquisition is seen as part of Samsung Electronics' broader strategy to secure new growth drivers across HVAC, robotics, medical technology and consumer audio sectors.