CNH Industrial to buy Raven Industries in $2.1bn deal

Under the terms of the acquisition, CNH will pay $58 a share for Raven. It said the deal builds upon a long partnership between the two companies and will further enhance CNH’s position in the global agriculture equipment market by adding "strong innovation capabilities" in autonomous and precision agriculture technology.

Chief executive officer Scott Wine said: "Precision agriculture and autonomy are critical components of our strategy to help our agricultural customers reach the next level of productivity and to unlock the true potential of their operations.

"Raven has been a pioneer in precision agriculture for decades, and their deep product experience, customer driven software expertise and engineering acumen offer a significant boost to our capabilities. This acquisition emphasises our commitment to enhance our precision farming portfolio and aligns with our digital transformation strategy. The combination of Raven’s technologies and CNH Industrial’s strong current and new product portfolio will provide our customers with novel, connected technologies, allowing them to be more productive and efficient."

CNH said the deal, which is due to close in the fourth quarter of the year, is not expected to have any impact on its guidance for 2021.