AGCO to Acquire Majority of Trimble's Ag Assets for $2B, Forming New Precision Ag Joint Venture

AGCO to acquire 85% of Trimble's Ag assets and technologies for $2B to form precision ag joint venture
JV to be exclusive provider of Trimble's ag tech, supporting future development
Combination enhances AGCO's precision ag portfolio across entire crop cycle
Expects to approximately double JV's EBITDA within 5 years of closing
Purchase price represents 13.8x 2023E EBITDA; synergized multiple of 8.5x

businesswire.com

Relevant topic timeline:

9/28/2023

Stocks React to Deals, Upgrades, Earnings: Trimble Jumps on AGCO Stake Sale, DigitalBridge Up on Upgrade, Jefferies Hurt by Slowdown, Accenture Falls on Guidance

Trimble's stock rose 6.4% after AGCO Corp announced plans to acquire an 85% stake in Trimble's agribusiness for $2 billion, while other companies like DigitalBridge, Jefferies Financial Group, Duolingo, Host Hotels & Resorts, and Concentrix also experienced stock gains.