05:10 PM EDT, 04/01/2024 (MT Newswires) -- Agco ( AGCO ) and Trimble (TRMB) said Monday they have completed the establishment of a joint venture that will offer

farmers advanced precision agriculture tools.

PTx Trimble is 85% owned by agricultural machinery manufacturer Agco ( AGCO ), with technology company Trimble holding a 15% stake.

The transaction is expected to be accretive to Agco ( AGCO ) in the first year after completion. The company said it now expects consolidated precision agriculture revenue to exceed $2 billion by 2028.

Agco ( AGCO ) financed the transaction with a combination of $1.1 billion in recently issued senior unsecured notes, a $500 million term loan facility, other borrowings and cash on hand.

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