S&P: GSI on positive watch

Standard & Poor's said it placed the B corporate credit rating on the GSI Group LLC on CreditWatch with positive implications.

The action follows news that the company has agreed to be sold to AGCO Corp. for $940 million.

GSI said it expects the transaction to close before year-end, subject to regulatory approvals, the agency said.

S&P said it will likely withdraw the ratings on GSI if the rated debt is repaid as part of the transaction.

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