Agricultural equipment maker AGCO Corp. (AGCO) agreed Monday to acquire GSI Holdings Corp. from affiliates of New York-based private equity firm Centerbridge Partners, L.P. for $940 million. The deal, which is subject to regulatory approval, is expected to close before the end of the year.
"With its high quality products and services, recognized brands and global capabilities, GSI gives us strong positions in the grain storage and protein production segments and is well-positioned to benefit from increases in global grain and food demand," AGCO Chairman, President and CEO Martin Richenhagen said in a statement.
Duluth, Georgia-based AGCO, which distributes tractors, hay tools, sprayers, and tillage equipment, noted that the deal is expected to be immediately accretive to earnings and cash flow. It expects to fund the deal with bank financing from Rabobank and refinancing of its existing credit lines.
GSI is a leading global manufacturer of grain storage and protein production systems, and sells its products globally through more than 500 independent dealers.
For AGCO, the deal will enable it to extend its reach in the agricultural industry and provide its customers with a more wider range of products and services. It will also maximize AGCO's growth opportunities, both domestically and abroad, and will significantly enhance its sales and profitability in its North American region.
For Assumption, Illinois-based GSI, the deal will provide it additional opportunities for growth and operational efficiencies through AGCO's global presence and its manufacturing and purchasing capabilities.
Morgan Stanley is acting as financial adviser and Troutman Sanders is serving as legal adviser to AGCO. Meanwhile, Goldman, Sachs & Co. and CIBC World Markets Inc. are acting as financial advisers and Simpson Thacher & Bartlett LLP is serving as legal adviser to GSI.
AGCO closed Friday's regular trading session at $34.57, down $0.62 on a volume of 2.78 million shares. In the past 52-week period, the stock has been trading in a range of $33.30 to $59.81.
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