White & Case Represents AGCO in $600 Million Acquisition of Valtra
Helsinki, September 22, 2003 …White & Case is representing agricultural equipment company AGCO Corporation in its $600 million acquisition of Valtra Corporation from KONE Corporation ・one of the largest acquisitions in the Nordic region this year.
The acquisition provides an opportunity for AGCO to expand its business in significant global markets by utilising the technology and productivity leadership of Valtra which is a global tractor and off-road engine manufacturer.
The purchase agreement provides for the sale and purchase of the operations of Valtra, including its international subsidiaries and Sisu Diesel, a manufacturer of off-road diesel engines. Valtra’s Tractor Europe division is the Nordic market leader, and the Tractor Latin America division is currently the number three manufacturer in Brazil. In 2002, AGCO had net sales of $2.9 billion, of which tractors represented 58%.
The purchase price is subject to customary closing adjustments and the transaction is subject to customary regulatory approvals.
“Representing a bidder in a controlled auction process is always an exciting undertaking. The deal was rendered additionally complex by the public speculation concerning this transaction which resulted in substantial time pressure being applied to the negotiations,” said partner Petri Haussila of White & Case in Helsinki. “We are pleased to help AGCO in this important strategic transaction and look forward to taking it to its final conclusion by obtaining the necessary regulatory approvals.”
