Waterford-based engineering firm STS Group - which works in areas like pharmaceuticals, transport and data centres - has been bought by German firm Dussmann Group in a deal estimated to be worth about €50m.
STS employs around 700 staff but most of its work is done in Europe rather than Ireland.
Dussmann employs around 66,000 people across 17 countries, and had sales of around €2.3 billion last year.
The takeover deal is expected to close by the end of June - and if completed it will be another notable sale involving businessman Eddie Walsh.
He was previously managing director and shareholder in Suir Engineering, which was sold to Dutch firm Imtech in 2007 for €30m.
Dussmann said the management team of STS, headed by the company chairman Eddie Walsh and Managing Director, Richard Hogan will remain in their roles when the deal is completed.
Eddie Walsh said the combination of STS with the Dussmann Group provides an excellent opportunity for both the firms' clients and the employees.
"Our clients will continue to enjoy the same level of superior service, delivering complex technical projects within time and on budget but post acquisition will also benefit from the increased scale and investment as part of a €2.3 billion turnover group," Mr Walsh said.
"Similarly, our employees will find increased opportunity provided by the ambition of Dussmann for the company and the ability to generate new business in new regions and sectors," he added.
