Samsung is set to pay €1.5 billion ($1.68bn) to acquire air cooling systems vendor FläktGroup.

Germany-based FläktGroup provides HVAC cooling technology and CDUs to data centers and other large industrial sites.

It is currently owned by investment funds advised by Triton, and the deal is expected to close before the end of the year.

FläktGroup was formed in October 2016 through the merger of DencoHappel, previously part of the Triton-owned heat exchanger speciliast Galapagos group and cooling firm FläktWoods.

Since the merger, FläktGroup has broadened its cooling offering and expanded into markets such as data centers, gigafactories, and pharmaceutical manufacturing.

Michael Gahleitner, managing partner and co-head of industrial tech at Triton, said: "We extend our sincere thanks to the entire FläktGroup organization for its outstanding achievements.

“Working with CEO Trevor Young and the whole management team has been both a pleasure and a privilege; together they have positioned the Company at the forefront of its industry and unlocked compelling avenues for future growth. We are confident that Samsung is best positioned to lead FläktGroup forward in its next chapter."

Young said: "In partnership with Triton, we have implemented the right strategy to create new growth opportunities, establishing FläktGroup not only as a technology leader but also as an employer of choice in the HVAC sector. We would like to thank the Triton team for their valuable support and cooperation throughout their investment. We look forward to partnering with Samsung to extend FläktGroup's leadership and deliver even greater value to our customers."

Clients listed on FläktGroup’s website include a string of data centers across the UK, as well as Microsoft’s headquarters in Dublin.

TM Roh, acting head of the device experience division at Samsung Electronics, said: "Through the acquisition of FläktGroup, a central 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.

"Our commitment is to continue investing in and developing the high-growth HVAC business as a key future growth engine."