The largest location industry deal made last year has been completed. As part of a joint venture, AGCO AGCO 0.00%↑ acquired 85 percent of Trimble’s TRMB 0.00%↑ precision agriculture assets for $2 billion.
The joint venture, announced last September, will be known as PTx Trimble. The acquisition combines Trimble’s precision ag business with AGCO’s JCA Technologies unit to form a new company.
Trimble will retain a 15 percent stake in the new unit. However, the new PTx Trimble entity will be consolidated into AGCO’s financial statements. AGCO financed the transaction through a combination of $1.1 billion in recently issued senior unsecured notes, a $500 million term loan facility, other borrowings and cash on hand, the company said.
Iridium Completes Acquisition of Satelles
Saying the $115 million deal establishes it as a leader in satellite-based time and location services, Iridium Communications IRDM 0.00%↑ has announced that it completed its acquisition of Satelles. The purchased company will now be called Iridium Satellite Time and Location (STL).
“The initial feedback we’ve gotten from partners in the short time since the initial announcement has made us even more excited about Iridium STL’s potential. We’re ready to step on the gas and expand the availability of Iridium STL to markets around the world,” said Iridium CEO Matt Desch, in a statement.
In other completed acquisitions:
- PowerFleet PWFL 0.00%↑ has completed its acquisition of MiX Telematics for $18.7 million. The combined business will be branded as PowerFleet, with its primary listing on Nasdaq, the company said. Steve Towe will remain CEO of PowerFleet and David Wilson will remain CFO. Stefan Joselowitz, current CEO of MiX, will be retiring, the company said.
