Deere will sell a majority interest of landscape operation to private equity firm
Monday, October 28, 2013 10:30 AM
Moline, Ill.-based Deere & Co. said today that it has agreed to sell a majority interest in its landscapes business to the private equity investment firm of Clayton, Dubilier & Rice LLC, RTT News reported. John Deere Landscapes has been included in Deere's agriculture and turf segment. As a result of the transaction, Deere said it will receive about $300 million in cash and will initially retain a 40 percent equity interest in the business.The transaction is valued at about $465 million.