Whirlpool Corp, the world's largest maker of home appliances, said it will buy 66.8 percent of voting stock of Italian white goods maker Indesit Company for about 758 million euros to spur its growth in Europe.

Whirlpool said it will buy a 42.7 percent stake in Indesit from Fineldo SpA, the majority shareholder, while certain members of the Merloni family will sell a 13.2 percent stake and Claudia Merloni will sell a 4.4 percent stake in Indesit.

The total of 60.4 percent of Indesit stock capital represents a 66.8 percent voting stake, Whirlpool said.

Whirlpool's offer of 11 euros per share represents a premium of 4.5 percent to Indesit's Thursday close.

The purchase price is based on Indesit's average net debt position for 2013, Whirlpool said.

"We foresee the acquisition strengthening and sustaining our European manufacturing," Marc Bitzer, president of North America and EMEA for Whirlpool, said in a statement.

The company said it intends to finance the deal through existing cash and debt.

The deal also includes a termination fee of 40 million euros in liquidated damages.

The transaction is expected to close by the end of 2014.

Whirlpool, which sells its washers and dryers, stoves and refrigerators under brand names including Whirlpool, Maytag, KitchenAid and Jenn-Air, reported first-quarter earnings below analysts' expectations as currency and other headwinds in Latin America and Asia offset modest sales increases in North America and Europe.