CNH Industrial announces that it has entered into an agreement to purchase Hemisphere GNSS, a global leader in high-performance satellite positioning technology, currently owned by Unistrong, a company incorporated in the People’s Republic of China. "This acquisition is a critical step that advances our automated and autonomous solutions for Agriculture and Construction. Combined with our Raven Brand’s capabilities, this development gives us full control of our precision and navigation technologies." Consideration for the acquisition is preliminarily determined at $175M, free of cash and debt, and subject to customary adjustments. It will be funded with available cash on hand. Closing is expected to occur within the third quarter of 2023, subject to the satisfactory completion of all required closing conditions including Unistrong’s shareholders’ approval, and all mandatory regulatory approvals, including those required by the applicable laws and regulations of the People’s Republic of China.
Published first on TheFly
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