Deere & Company announced it has signed an agreement to acquire the Wirtgen Group, a privately-held international company that is the leading manufacturer worldwide of road construction equipment. The acquisition is valued at $5.2 billion, or 4.35 billion euros, in an all-cash transaction. Headquartered in Germany, the Wirtgen Group has five premium brands across the entire road construction sector spanning milling, processing, mixing, paving, compaction and rehabilitation. Deere plans to maintain the Wirtgen Group’s existing brands, management, manufacturing footprint, employees, and distribution network. The transaction has been approved by Deere’s Board of Directors. The purchase is subject to regulatory approval in several jurisdictions as well as certain other customary closing conditions. The companies said they expect to close on the transaction in the first quarter of Deere’s 2018 fiscal year
From the National Association of Farm Broadcasting News Service.