TRIMBLE INC. (TRMB): M&A transaction — Trimble and AGCO close joint venture PTx Trimble; AGCO pays $1.954B for 85% stake

TRIMBLE INC.

Trimble contributed precision ag business + $8M cash; AGCO contributed JCA Technologies + $46M cash; purchase price $1.954B.
Trimble retains 15% stake in PTx Trimble; JV will be consolidated into AGCO financial statements.
Revised terms: Trimble bears first $14M of carve-out costs; Brazil business sale deferred; put/call options at 3rd/4th anniversaries.
AGCO financed via $1.1B senior notes, $500M term loan facility, other borrowings and cash on hand.
AGCO expects combined precision ag revenue >$2B by 2028; deal accretive to AGCO in first full year post-close.

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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

TRIMBLE INC. completed a disposition involving AGCO Corporation for $1,954,000,000 in cash (closed 2024-04-01).

Action: disposition
Counterparty: AGCO Corporation
Consideration: $1,954,000,000 in cash
Closing: 2024-04-01

Exact text from the filing

Trimble its JCA Technologies business and $46,000,000 in cash, and (ii) Trimble will have sold an interest in PTx Trimble to AGCO and its subsidiaries for a purchase price of $1,954,000,000 in cash, subject to adjustments. As a result of the Transaction, Trimble will own fifteen percent (15%) of PTx Trimble, and AGCO, together with its wholly owned subsidiary Massey

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Source: SEC EDGAR

accession 0001193125-24-083599

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