Titan Machinery to acquire Heartland Ag companies for ~$110M in cash, expanding Case IH stores

Titan Machinery Inc.

Base purchase price of $90M, expected to increase by ~$20M to ~$110M via working capital and PP&E adjustments.
Heartland operates 12 Case IH application equipment retail stores across 17 midwestern and northwestern states.
Acquisition expected to close in August 2022, subject to CNH approval and other customary conditions.
Funding primarily from available cash on hand; seller reps and warranties backed by insurance policy.

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