CNH to sell 70% of construction equipment business to Kobelco at $1B enterprise value for $700M cash

CNH Industrial N.V.

CNH receives $700M cash for 70% of the CE JV, equal to 70% of a $1B agreed enterprise value, adjusted for cash, debt and net working capital.
CNH retains a 30% stake; each party is subject to a three-year lock-up; Humayun Chishti expected to continue as CEO of the CE JV after closing.
Net proceeds earmarked to reduce debt; CNH says the deal makes it a pure-play agriculture company (Case IH, New Holland, STEYR, Raven) and is accretive to margins.
Expected to close by end of 2027, subject to Hart-Scott-Rodino and other merger control/foreign investment approvals; outside date March 30, 2028 with two 90-day extensions.
Pre-closing reorganization puts U.S. construction assets in Case Construction U.S. LLC and the rest in Case Construction UK Ltd; India construction unit sold to CE JV at closing.

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