Geothermal 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 was to become part of NIBE Industrier AB’s energy systems division 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.

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.