Daimler AG aims to acquire 22.3% equity interest in Tognum AG, a global leading producer of off-highway engines. Daimler will be shelling out €20 per share. On this basis, the purchase price would be approximately €585 million ($904.7 million), making Daimler the largest shareholder in Tognum.

Tognum is one of the leading suppliers of high-speed, powerful diesel engines and complete propulsion systems for ships, heavy agricultural and rail vehicles, industrial drive systems and on-site power generators. Tognum will allow Daimler to tap into alternative power propulsion systems. This is definitely going to be an interesting partnership, let’s see how it turns out.