Başak Traktör Acquires Buhler Industries along with FarmKing, Versatile Brands
Buhler Industries and ASKO Holding have announced Başak Traktör, a wholly-owned subsidiary of ASKO Holding, has entered into a definitive agreement to purchase all of the common shares of Buhler Industries owned by Combine Factory Rostselmash Ltd.
The shares to be acquired by Başak Traktör represent approximately 97% of all of the outstanding shares, according to a NewsWire Canada press release.
In addition, Başak Traktör will acquire all of the outstanding debt of Buhler Industries owed to Rostselmash. The aggregate cash purchase price to be paid by ASKO is CAD $60.5 million.
The agreement is the culmination of the process initiated by Buhler Industries to identify a long-term investment partner, which was announced in July 2023.
"We are very excited to partner with ASKO Holding. We believe that ASKO Holding's deep understanding and involvement in the agricultural equipment industry will assist the company in achieving its potential for future growth and innovation." said Grant Adolph, chief operating officer, Buhler Industries.
“Buhler Industries and its iconic brands, Versatile and Farm King, have a deep history and legacy in the agricultural industry and we are enthusiastic about working with Buhler Industries to take the next steps in the evolution of its business." said Sami Konukoglu, chairman, ASKO Holding.
