AGCO Corporation acquires PTx Trimble joint venture (Trimble Ag assets)

AGCO Corporation acquired PTx Trimble joint venture (Trimble Ag assets) for $1.954 billion cash for an 85% interest ($2 billion announced).

AGCO announced on September 28, 2023 a Sale and Contribution Agreement to form a precision-agriculture joint venture with Trimble Inc., and closed the transaction on April 1, 2024. Trimble contributed its OneAg agricultural business (excluding certain GNSS and guidance technologies), AGCO contributed its interest in JCA Industries (JCA Technologies), and AGCO paid Trimble $1.954 billion in cash (about $2 billion as announced). AGCO owns 85% of the venture, branded PTx Trimble, and Trimble owns 15%.

The venture created what AGCO called the premier mixed-fleet precision-ag business in the world, combining Trimble's guidance, autonomy, precision-spraying, connected-farming and data-management technologies with AGCO's Precision Planting stack; AGCO expected combined Precision Ag revenue to exceed $2.0 billion by 2028.

Advisory firms were not disclosed for this transaction.