Agco (AGCO) just unveiled an announcement.
AGCO Corporation and its subsidiary have entered into a deal to sell their Grain & Protein business to A-AG Holdco Limited for $700 million, with the potential for customary adjustments. A-AG Holdco, an affiliate of American Industrial Partners, backed by funding commitments, aims to close the deal by the end of 2024, with the possibility of paying a termination fee if the agreement falls through. AGCO plans to use the sale proceeds to repay debt, invest in growth, and return capital to shareholders, while also agreeing to not compete in the same business for three years post-sale.
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