CNH Industrial Takes Core Satellite Navigation Technology In-House Via $175M Deal - CNH Industrial (NYSE:CNHI)

CNH Industrial N.V. 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.