(Bloomberg) -- Wienerberger AG is betting efforts to boost energy efficiency in buildings will withstand an economic downturn in Europe, reaching a deal to buy French roofmaker Terrreal Holding SAS for €600 million ($634 million).

The transaction may add an annual €100 million to earnings before interest, tax, depreciation and amortization next year and will be funded by Wienerberger’s cash reserves, new debt and own shares valued at €156 million, the Vienna-based company said Tuesday in a statement. 

The deal will help Wienerberger double its output in the roofing segment, which is set to benefit from efforts to improve energy-efficiency such as insulation upgrades and solar panel installations. It will be among its largest after multiple bolt-on acquisitions so far in 2022.

Wienerberger shares tracked declines across Europe on Tuesday, falling 0.9% to €22.40 as of 10:15 a.m. in Vienna.

The transaction includes Terreal’s units in France, Italy, Spain, and the US, as well as its Creaton business in Germany. It may be closed at the end of 2023 after negotiations with workers unions and regulatory approval.

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