Swedish heat pump maker Nibe Industries has bought a 31 per cent stake in Swiss heating, cooling and washing technology firm Schulthess Group AG and launched a bid for the whole company worth around $700 million.
Nibe said in a statement: 'The transaction between Schulthess and Nibe represents a strategic match and is well in line with our long-term strategy in the evolving sustainable energy solutions markets in Continental Europe.'

Nibe has also launched a tender offer for the remaining shares in Schulthess, at the same price of 60 Swiss francs per share that it had paid for its current stake. The offer is made up of 60 per cent in cash and 40 per cent in new NIBE B shares.

The company said the transaction corresponds to a total equity value of 638 million Swiss francs (around $700 million) and had been recommended by Schulthess' board.

Nibe added that Schulthess would be operated as a separate unit, but part of Nibe Energy Systems.