AGCO sells Grain & Protein business to AIP for $700M; expects $450-$475M loss

AGCO CORP /DE

Purchase price $700M in cash; 8.3x adjusted EBITDA multiple (TTM as of March 31, 2024).
Expected loss on sale $450M-$475M; business reported as held for sale starting Q2 2024.
Transaction includes GSI, AP, Cumberland, Cimbria, Tecno brands; excludes China operations.
Sale expected to close before year-end 2024, subject to regulatory approvals.
Net proceeds to be used for debt repayment, technology investment, and shareholder returns.

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