AGCO CORP /DE (AGCO): M&A transaction — AGCO completes $1.954B acquisition of 85% stake in PTx Trimble JV with Trimble

AGCO CORP /DE

AGCO paid $1.954B cash for 85% interest in PTx Trimble, combining Trimble's precision ag business and AGCO's JCA Technologies.
AGCO expects precision ag revenue to exceed $2.0B by 2028; deal accretive to revenue, margin, and EPS in first full year post-close.
Financing includes $1.1B in senior unsecured notes, $500M term loan, and other borrowings and cash on hand.
Trimble retains 15% stake; put and call options on JV interests exercisable from third anniversary onward.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

AGCO CORP /DE completed an acquisition involving Trimble Inc. for $1.954 billion in cash (closed 2024-04-01).

Action: acquisition
Counterparty: Trimble Inc.
Consideration: $1.954 billion in cash
Closing: 2024-04-01

Exact text from the filing

On April 1, 2024, pursuant to the terms of an Amended and Restated Sale and Contribution Agreement (the “ Agreement ”) among the AGCO Corporation (“ AGCO ”), Trimble Inc. (“ Trimble ”) and PTx Trimble, LLC, formerly known as Trimble Solutions, LLC (the “ Joint Venture ”), AGCO and Trimble completed (i) the contribution by Trimble to the Joint Venture of Trimble’s OneAg business, which is Trimble’s agricultural business, excluding certain Global Navigation Satellite System and guidance technologies, and an amount of cash, (ii) the contribution by AGCO to the Joint Venture of its interest in JCA Industries, LLC d/b/a JCA Technologies and an amount of cash, and (iii) the purchase by AGCO from Trimble of membership interests in the Joint Venture in exchange for the payment by AGCO to Trimble of $1.954 billion in cash, subject to customary working capital and other adjustments.

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Source: SEC EDGAR

accession 0000880266-24-000026

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