In a major agricultural industry transaction, Buhler Industries Inc. and ASKO Holding announced on December 20, 2023, that Basak Traktör, an ASKO subsidiary, had agreed to buy about 97% of Buhler Industries' shares and its debt from Combine Factory Rostselmash Ltd. This deal, involving 24,184,586 shares and debt, was valued at CAD$60.5 million. It included CAD$27.9 million for the shares, CAD$4.1 million in transaction costs, and the rest for the debt purchase and other payments.

The agreement, announced in July 2023, signified Buhler Industries' search for a long-term investment partner. Grant Adolph, Buhler's COO, and Sami Konukoglu, Chairman of ASKO Holding, expressed excitement about the partnership's potential for growth and North American expansion.

Basak Traktör, dating back to 1914 in Turkey, manufactures various agricultural equipment. ASKO Holding, active in different sectors, recently entered North America by acquiring Hy-Brid Lifts. Buhler Industries, a Canadian company with a near-century-long legacy, manufactures under the Versatile and Farm King brands.

Legal advisors for the deal included Eversheds Sutherland (US) LLP and McMillan LLP for ASKO Holding and Basak Traktör; Burnet, Duckworth & Palmer LLP for Buhler Industries; Borden Ladner Gervais LLP for Rostselmash; and Origin Merchant Partners as financial advisor to Buhler Industries. The transaction is expected to close by early January 2024.