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Microsoft Corp. (NASDAQ:MSFT) has scooped up a 407-acre property in Wisconsin with a pumpkin farm, after years of back and forth with the sellers. Microsoft shelled out a staggering $76 million for the land.
What Happened: The Creuziger family transferred the ownership of their property to Microsoft. The transaction size is significantly more than the land’s current valuation, reported the Milwaukee Business Journal.
The local government’s offer in 2017, which was roughly one-third of the selling price, was rejected by the family in hopes of a more lucrative deal.
The family’s lawyer, David Barnes, asked for respect for the Creuzigers’ privacy, stating, "The family wishes the village and Microsoft well."
See Also: China’s iPhone Ban Shakes Market As Apple Struggles To Lift Stock Above The $200 Milestone
The property, known for its Land of the Giants pumpkin farm and a nine-acre corn maze, is conveniently located next to a 641-acre plot that Microsoft previously acquired from the Mount Pleasant village for $99.7 million.
Why It Matters: Microsoft has big plans for this area, intending to construct a data center campus worth over $1 billion. The company plans to initially employ 200 people at the new data center, with the possibility of increasing it to over 460 in the future.
This deal marks a positive end for the village, following a period of uncertainty and inconsistencies caused by Foxconn's (OTCPK: FXCOF) $10 billion promised investment in Mount Pleasant. The manufacturer eventually scaled back its investment, slashing it to $672 million.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Shutterstock
