- CNH Industrial N.V. (NYSE:CNHI) has agreed to purchase Hemisphere GNSS, a high-performance satellite positioning technology company, from Unistrong, a company incorporated in the People's Republic of China.
- The transaction is preliminarily valued at $175 million, free of cash and debt.
- Hemisphere's proprietary Global Navigation Satellite System (GNSS) solutions provide pinpoint accuracy for the agriculture, construction, mining, and marine industries. The company designs Electronic Systems and Software solutions.
- This acquisition will help advance CNH Industrial's automated and autonomous solutions for Agriculture and Construction.
- "Having Hemisphere's technology in-house will enable us to accelerate a broad range of our precision technology programs, providing our customers with immediate productivity-enhancing solutions. It will also increase the long-term competitiveness and flexibility of our agriculture and construction portfolio," commented Marc Kermisch, Chief Digital & Information Officer at CNH Industrial.
- Hemisphere will continue to operate as a standalone business via operations in the USA, Canada and Australia.
- CNH Industrial plans to fund the deal with available cash on hand. It held cash and equivalents of $4.4 billion as of December 31, 2022
- Closing is expected to occur within the third quarter of 2023.
- Price Action: CNHI shares are trading higher by 1.40% at $15.26 premarket on Thursday.
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