SCHAUMBURG, Ill. — Motor Coach Industries International Inc. announced the signing of a Letter of Intent with Daimler AG to acquire the Setra business in the U.S. and Canada and establish a strategic partnership with Daimler. The companies have agreed upon the material terms and conditions of the transaction and are working to finalize definitive agreements, which they expect to enter and consummate no later than May 31, 2012.

Upon completion of the deal, Daimler Buses would receive a minority ownership stake in MCI, and MCI would become the exclusive North American (U.S. and Canada) distributor of the Setra S407 and S417 motorcoaches.

To read more about the proposed agreement, click on the following story from Metro Magazine: ”BREAKING: MCI intends to acquire Setra business in U.S., Canada.”