Benzinga | Oct 21, 2021 12:10PM EDT

Titan Machinery To Acquire Jaycox Implement For Undisclosed Sum

* Titan Machinery Inc. (NASDAQ:TITN) has entered into a definitive purchase agreement to acquire the assets of Jaycox Implement, Inc. The financial terms were not disclosed.

* Jaycox consists of three full-line Case IH agriculture dealerships located in Worthington, MN, Luverne, MN, and Lake Park, IA.

* In the trailing twelve-month period ended June 30, 2021, Jaycox generated ~$91 million in revenue.

* Titan Machinery expects the acquisition to be immediately accretive to earnings per share. The acquisition is expected to close in December 2021.

* This acquisition of the Jaycox dealership network in southwestern Minnesota and northwestern Iowa perfectly complements Titan Machinery's existing footprint in the heart of this highly productive region.

* Titan Machinery held cash and equivalents of $65.58 million as of July 31, 2021.

* Price Action: TITN shares are trading higher by 4.31% at $28.33 on the last check Wednesday.