Deere & Company (NYSE:DE) agreed to acquire Deere-Hitachi Joint Venture in Langley, British Columbia, Canada from Hitachi Construction Machinery Co., Ltd. (TSE:6305) on August 19, 2021. In related transaction, Deere & Company (NYSE:DE) agreed to acquire Deere-Hitachi joint-venture factories in Indaiatuba, Brazil and Kernersville, N.C. The total invested capital was approximately $690 million, which consists of net cash consideration and the fair value of the previously held equity investment in the joint venture. As a result of the new agreements, the following changes will go into effect on Feb. 28, 2022, contingent upon regulatory approval. The agreement is subject to the receipt of certain required regulatory approvals as well as certain other customary closing conditions. The former joint venture factories will continue to manufacture Deere-branded construction excavators and forestry equipment; they will discontinue production of Hitachi-branded products. The location will now be referred to as John Deere Specialty Products, Langley, British Columbia, Canada. Todd M. Schneider, Robert A. Miller, Michael Zuppone, Gary Zanfagna, Douglas A. Schaaf, Sachiko Taniguchi, Yuko Kamo, Ryan Enchelmayer, Michael S. Wise, Amy L. Lawrence, Stephen Turanchik, Stanislav Kalminsky and Kefei Li of Paul Hastings acted as legal advisors in the transaction.

Deere & Company (NYSE:DE) acquired Deere-Hitachi Joint Venture in Langley, British Columbia, Canada from Hitachi Construction Machinery Co., Ltd. (TSE:6305) on February 28. 2022.