Deere Paying $5.2 Billion for German Road Construction Equipment Maker, Maintain FVE
Deere announced June 1 that it will acquire the privately held 50-year-old German road-building equipment manufacturer Wirtgen Group for $5.2 billion. Management expects this largest acquisition in Deere’s history to close in the first quarter of fiscal 2018. The purchase price implies a 9.5 times enterprise value/EBITDA multiple, whereas Deere typically trades at 19-20 times. Deal financing will combine cash and $1 billion of new debt, which we believe will not overly strain Deere. We will inco...Deere & Co. operates the following segments: Agriculture and Turf, which manufactures and distributes a line of agriculture and turf equipment and related service parts, including utility tractors, tractor loaders, combines, cotton pickers, cotton strippers, and sugarcane harvesters; Construction and Forestry, which manufactures and distributes a range of machines and service parts used in construction, earthmoving, road building, material handling and timber harvesting, including backhoe loaders and crawler dozers and loaders; and Financial Services, which finances sales and leases by the company's dealers of new and used agriculture and turf equipment and construction and forestry equipment.
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