Samsung Electronics Co. is closing in on an agreement to buy FläktGroup Holding GmbH, acquiring the European heating and cooling specialist in its biggest overseas takeover in eight years.

Samsung Electronics (OTCPK:SSNLF) is nearing a deal to acquire European heating and cooling products provider FläktGroup Holding, Bloomberg News reported citing people with knowledge of the matter. Samsung and FläktGroup-owner Triton Investments Advisers are in the final stages of discussing an acquisition that values the German company at around $1.

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.