Top of the Morning
Deere & Co. (NYSE: DE) has agreed to acquire the Wirtgen Group, a privately-held German manufacturer of road construction equipment, for around $5.2 billion in cash (including assumed debt).
- Why it's the BFD: This is Deere's largest acquisition ever, and comes as the White House continues to talk about a trillion dollar infrastructure plan that, if realized, would include all sorts of roadwork.
- Numbers: Wirtgen reports €2.6 billion of revenue for 2016, and has around 8,000 employees in more than 100 companies.
- Bottom line: "Spending on road construction and transportation projects has grown at a faster rate than the overall construction industry and tends to be less cyclical." ― Deere exec Max Guinn
Venture Capital Deals
Private Equity Deals
• Byline Bancorp, a Chicago-based commercial bank holding company, has filed for a $75 million IPO. It plans to trade on the NYSE under ticker symbol BY, with BofA Merrill Lynch and Keefe Bruyette & Woods serving as lead underwriters. www.bylinebank.com
• Esquire Financial, a Jericho, N.Y.-based commercial bank holding company, has filed for a $40.25 million IPO. It plans to trade on the Nasdaq under ticker symbol ESQ, with Sandler O'Neill serving as lead underwriter. www.esquirebank.com
• Cowen Group (Nasdaq: COWN) has completed its previously-announced acquisition of Convergex, a New York-based equities brokerage, from GTCR and Bank of New York Mellon, for $116 million in cash and stock.
• Trive Capital has completed its previously-announced $220 million sale of AGM Automotive, a Troy, Mich.-based maker of overhead consoles, lighting and other engineered solutions for light vehicles, to Flex (Nasdaq: FLEX) for an undisclosed amount. www.agmautomotive.com
• Vista Equity has hired Evercore and Atlas Technology Group to find a buyer for Omnitracs, a Dallas-based provider of fleet management software that is expected to generate around $115 million in EBITDA this year, according to Dow Jones. www.omnitracs.com
• Abris Capital Partners, a Warsaw-based buyout firm, has held a €225 million close on its third fund, which is targeting a total of €340 million. http://bit.ly/2rHWUqD
• Upfront Ventures is raising $380 million for its sixth early-stage fund and $120 million for its second opportunities fund, according to SEC filings. www.upfront.com