Nordson Corporation (NASDAQ:NDSN) said on Monday it will buy Italy’s ARAG Group and its subsidiaries in an all-cash deal for an enterprise value of €960 million ($1.05 billion).

ARAG will operate as a division in Nordson’s Industrial Precision Solutions segment upon completion of the deal, the company said in a statement.

The transaction is expected to close in Nordson’s fourth quarter fiscal 2023 and will be funded through cash on hand and financial debt.

Rubiera-Italy-based ARAG is privately held by funds advised by Capvis AG, a European mid-market private equity firm, and makes spraying components used in agriculture.