Sparex is a leading independent, global distributor of accessories and tractor replacement parts serving the agricultural aftermarket with headquarters in Exeter, Devon, operations in 17 countries and exports to 75 countries.
The transaction is expected to close before the end of 2010 once competition authority approval is obtained.
AGCO CEO Martin Richenhagen said:
"Sparex is an excellent fit with AGCO and will allow us to extend our reach in the agricultural aftermarket and provide our customers with an even wider range of products and services. Sparex will continue to trade as an independent business and market their products through existing channels."
Georgia, USA-based AGCO was founded in 1990 and offers tractors, combines, hay tools, sprayers, forage, tillage equipment, implements and related replacement parts under the core brands of Challenger, Fendt, Massey Ferguson and Valtra, and are distributed globally through more than 2,700 independent dealers and distributors, in more than 140 countries worldwide.