Geothermal green HVAC equipment maker WaterFurnace announced June 23 that it is being purchased by Swedish heat pump maker NIBE for $350 million.

Pending regulatory approvals, the HVAC market company will become part of NIBE Industrier AB’s energy systems division when the sale closes in August.

 “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 NIBE CEO Gerteric Lindquist.  “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.”

WaterFurnace Renewable Energy Inc., based in Fort Wayne, Ind., will continue to be run by current CEO Tom Huntington and his management team, officials said.

"I believe this is a compelling offer for our shareholders and I am confident that WaterFurnace and its employees have found an excellent strategic partner in NIBE,” Huntington said. “The combined talents of these two fine companies are aimed at helping people around the globe find sustainable energy solutions. As CEO of WaterFurnace and on behalf of my whole team, I can state that we are excited to be joining one of the market leaders in our industry.”