The proceeds from the deal, which is expected to be closed within the first quarter of the current year, would be in a high double-digit million-euro amount, it said in a press release.

Shares in Deutz were up 6.6% at 11:07 GMT.

Deutz said it now plans to focus on growing its traditional optimized combustion engine business further, developing an emission-free product range, and expanding its service business.

(Reporting by Tom Kaeckenhoff, Writing by Andrey Sychev, Editing by Linda Pasquini)