India, Nov. 9 -- CNH Industrial N.V. (CNH), a technology and services company, on Monday announced that it has entered into a definitive agreement with Kobelco Construction Machinery Co., Ltd. to establish a joint venture for its construction equipment business.
Kobelco Construction Machinery is a wholly owned subsidiary of Kobe Steel, Ltd. (5406.T)
Under the agreement, Kobelco will acquire a 70% stake in its' construction equipment business for $700 million in cash.
The company will retain a 30% ownership stake in the joint venture.
The transaction values the company's construction equipment business at an enterprise value of $1 billion.
The transaction is expected to close by the end of 2027.
The company said the transaction will sh...