Swedish refrigeration wholesaler Beijer Ref said Monday it has agreed to acquire 80% of Airwave, a heating, ventilation, and air conditioning distributor in the Baltic region.
The deal for the Estonia-based company, which has an annual turnover of approximately 600 million Swedish Kronor, is the latest in a series of acquisitions for Beijer Ref.
The purchase follows the company's recent move to raise 1.5 billion Swedish Kronor through a bond sale specifically to fund its expansion strategy.
That bond issue was the first under a new 7 billion Swedish Kronor debt program established in September to finance acquisitions, according to the company.
"The acquisition aligns with our strategy to strengthen market presence and leverage synergies and knowledge sharing company wide," Chief Executive Officer Christopher Norbye said in a statement.
The transaction is subject to approval from the Estonian competition authority, and Beijer Ref has an option to acquire the remaining shares in Airwave.
The company said the acquisition is expected to have a minor positive impact on its results.
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