NIBE Industrier AB of Sweden has entered into an agreement to acquire 100% of the outstanding shares of WaterFurnace. The total equity value of the transaction is approximately C$378 million.
“This transaction is NIBE’s largest to date in North America and further elevates our position as one of the global market leaders in sustainable energy solutions,” said Gerteric Lindquist, CEO of NIBE. “Following our successful expansion of our Elements Division in the United States, the teaming up with WaterFurnace represents a strategic match and bridgehead into North America also for our largest business area Energy Systems. We are pleased to see that both groups share the same entrepreneurial tradition and technological vision, being one of the first companies to market geothermal heat pump solutions on respective sides of the Atlantic”