Benzinga | Aug 5, 2021 03:40PM EDT

Deere Acquires Bear Flag Robotics For $250M

* Deere & Company (NYSE:DE) has agreed to acquire Silicon Valley-based startup Bear Flag Robotics for $250 million.

* Founded in 2017, Bear Flag Robotics develops autonomous driving technology compatible with existing machines.

* The acquisition supports John Deere's long-term strategy to create machines with advanced technology to support individual customer needs.

* Deere first started working with Bear Flag in 2019 as part of the Startup Collaborator program. Since then, Bear Flag has successfully deployed its autonomous solution on a limited number of farms in the U.S.

* Deere held cash and cash equivalents of $7.9 billion as of May 2, 2021.

* Price Action: DE shares are trading higher by 1.11% at $364.66 on the last check Thursday.