Buhler Industries Inc. and ASKO Holding announced today that Başak Traktör Tarim Ziraat Ve Iş Makinalari Sanayi Ticaret A.Ş. ("Başak Traktör"), which is a wholly-owned subsidiary of ASKO Holding, has entered into a definitive agreement to purchase all of the common shares of the Company owned by Combine Factory Rostselmash Ltd.. The shares to be acquired by Başak Traktör represent approximately 97% of all of the outstanding shares. In addition, pursuant to the agreement, Başak Traktör will acquire all of the outstanding debt of Buhler Industries owed to Rostselmash. The aggregate cash purchase price to be paid by ASKO is CAD$60.5 million (USD $45.3 million).

Entering into the agreement is the culmination of the process initiated by Buhler Industries to identify a long-term investment partner, which was announced in July 2023.

Başak Traktör is headquartered in Sakarya, Turkey and started manufacturing agricultural equipment and machinery in 1914 under a variety of brand names. In 1996, the company was renamed Başak. Under the brand name of Başak Traktör, the company manufactures tractors up to 120 horsepower and also manufactures soil tillage, planting and plant protection machinery, harvesting and garden equipment under the Başak Agri brand. In addition, Başak distributes other agricultural brand machinery.

ASKO Holding most recently made its first acquisition in North America by purchasing Hy-Brid Lifts in the United States earlier this year. ASKO Holding is a diversified company with interests in agricultural machinery, construction equipment, energy and technology.

It is anticipated that the closing of the transaction will occur before year end or in early January 2024.

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