People look at AGCO equipment as they attend National Farm Machinery show in Louisville, Kentucky, February 12, 2016.
REUTERS/Meredith Davis/File Photo Acquire Licensing RightsSept 28 (Reuters) - AGCO Corp (AGCO.N) said on Thursday it would acquire an 85% stake in navigation products maker Trimble's (TRMB.O) agribusiness for $2.0 billion in cash as the tractor and seeding equipment firm seeks to boost its precision-agriculture portfolio.
"This deal significantly enhances AGCO's technology stack with disruptive technologies that cover every aspect of the crop cycle," AGCO Chief Executive Eric Hansotia said.
The precision-agriculture approach employs technology and the global positioning system to ensure that seeds, fertilizer and chemicals are used correctly.
The stake's purchase price represents an implied enterprise value of about $2.35 billion for the business, AGCO said.
Persons:
Meredith Davis, Eric Hansotia, Oppenheimer, Trimble, AGCO, Morgan Stanley, Kannaki, Vinay Dwivedi
Organizations:
Farm Machinery, REUTERS, AGCO, Thomson
Locations:
Louisville , Kentucky, Ukraine, Bengaluru