Basak Traktor Tarim Ziraat Ve Is Makinalari Sanayi Ticaret Anonim Sirketi completed the acquisition of 96.7% stake in Buhler Industries Inc. from Rostselmash Combine Plant, LLC.
On closing of the transaction, the current members of the board of directors of Buhler Industries are expected to resign and be replaced with nominees of Basak Traktör. The agreement contains a number of customary conditions that must be satisfied or waived prior to closing of the transaction. It is anticipated that the closing of the transaction will occur before year end or in early January 2024. Eversheds Sutherland (US) LLP and McMillan LLP are acting as legal counsel to ASKO Holding and Basak Traktör. Burnet, Duckworth & Palmer LLP is acting as legal counsel to Buhler Industries. Borden Ladner Gervais LLP is acting as legal counsel to Rostselmash. Origin Merchant Partners is acting as financial advisor to Buhler Industries.
Basak Traktor Tarim Ziraat Ve Is Makinalari Sanayi Ticaret Anonim Sirketi completed the acquisition of 96.7% stake in Buhler Industries Inc. (TSX:BUI) from Rostselmash Combine Plant, LLC on December 28, 2023. On closing of the Transaction, the Board of Directors of the Company was reconstituted with the nominees of Rostselmash resigning and certain new nominees of ASKO Holding were appointed to the Board. The members of the Board now include Grant Adolph, Allan Stewart and Ossama Abouzeid, all of which were members of the Board prior to completion of the Transaction, and Zafer Ozbalaban, Arda Akarsu, Levent Kiroglu and Ismail Mert Konukoglu, who are newly appointed members of the Board.