en.Wedoany.com Reported - Canadian agricultural tractor manufacturer Buhler Versatile is preparing to acquire German crane and Germany excavator manufacturer Atlas, which is currently under insolvency administration. Buhler Versatile is part of Turkey's Asko Group, which also owns aerial work platform manufacturers ELS and AXCS, as well as telescopic handler manufacturer MST.

The parties have signed a letter of intent, which will take effect after notarization in Hamburg on Monday, June 8. The transaction is subject to customary approvals. The specific acquisition amount has not been disclosed, but the deal will include all shares of Atlas GmbH, Atlas Spare Parts, Atlas Group Services GmbH, Atlas Kompakt GmbH, and the company's stake in UK dealer Atlas Cranes UK Ltd.

The agreement also includes "the transfer of the majority of Atlas employees." Sources indicate that this transfer may involve the establishment of a new company, depending on "the implementation of a personnel measure, the details of which remain to be negotiated, aimed at finding the most socially responsible solution possible." This means the final outcome will depend on discussions with the Atlas Group Works Council. Atlas has had conflicts with the Works Council in the past, particularly after its acquisition by Fil Filipov in 2010, when he faced difficulties driving change.

Asko, through its subsidiary Başak Traktör, acquired 97% of Buhler Industries' shares in late 2023 and obtained full ownership in April last year. The acquisition price ranged from $1.15 per share for the controlling stake to $7.30 per share for the remaining minority shares.

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