Brandt Tractor of Regina is acquiring Calgary-based Cervus Equipment, valued at 302 million dollars.
Brandt’s chief executive officer, Shaun Semple, says the addition of Cervus will form three brand new segments at Brandt dedicated to serving agriculture, transportation and material handling industries.
The deal represents a 37 per-cent premium to the 20 day average price per share for the period ending Aug. 13.
John Deere Canada and Peterbilt Motors Company have provided consent to proceed with the change of control.
A special meeting of Cervus shareholders will be held in October, with the deal expected to close in the fourth quarter of this year.
Cervus operates 64 dealerships and handles various equipment including John Deere farm implements and Peterbilt, with operations in Canada, Australia and New Zealand.
Brandt has a wide range of businesses and is the world’s largest privately-owned John Deere Construction and forestry equipment dealer.
Brandt has over 100 locations in Canada and the U.S.
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