German concrete pump maker Putzmeister Holding will go into the hands of Chinese firm Sany Heavy Industry as the latter will buy 100 percent stake in the former in partnership with the fellow national private equity company CITIC PE Advisors.

Post the deal, which is the largest Chinese-German transaction yet, Aichtal in Germany will become Sany's new headquarter for concrete machinery and Norbert Scheuch will continue as the head of Putzmeister under the Chinese owner. Putzmeister will remain as an independent brand with its own management within the Sany group.

Sany is the construction-equipment maker run by China's richest man. The German firm Putzmeister has 3,000 employees and sales of 570 million euros ($751 million). It provided concrete pumps to quell the Fukushima nuclear disaster in Japan last year and the Chernobyl meltdown in the 1980s.