Oct 29 (Reuters) - U.S. insulation and roofing company Owens Corning said on Sunday it would buy European mineral wool maker Paroc Group from private equity firm CVC Capital Partners for about 900 million euros ($1.04 billion).

Owens Corning said the transaction would help grow its presence in the European insulation market and, excluding transaction and integration costs, is expected to immediately add to its 2018 earnings per share. ($1 = 0.8620 euros) (Reporting by Ismail Shakil in Bengaluru; Editing by Sandra Maler)