Deere to buy German firm Wirtgen for $5.2b

Industrials Reuters

(Reuters)

U.S. based farm and construction major Deere & Co said on Thursday it would buy privately held German road construction company Wirtgen Group for $5.2 billion, including debt.

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Deere's share rose 1.7 percent to $124.55 in premarket trading.

Wirtgen makes equipment used in laying roads and has a network of company-owned and independent dealers in about 100 countries.

Deere said the acquisition it will not see any product overlap and that it expects the deal to close in the first quarter of 2018.

Citigroup was Deere's financial adviser.

 

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(Reporting by Rachit Vats in Bengaluru; Editing by Maju Samuel and Saumyadeb Chakrabarty)