German chemicals and pharma giant Bayer AG bayry said Wednesday it had won over Monsanto’s mon management with a $128 per share offer in cash, worth about $66 billion including debt, to take over the global seed market leader.

The companies have agreed on an antitrust break fee of $2 billion and the deal is expected to be closed by the end of 2017, the German group said in a statement.

Bayer intends to finance the transaction with a combination of debt and equity. The equity component of approximately $19 billion is expected to be raised through mandatory convertible bonds and a rights issue, it added.

“Today’s announcement is a testament to everything we’ve achieved and the value that we have created for our stakeholders,” Monsanto chairman and CEO Hugh Grant said in the statement . “We believe that this combination with Bayer represents the most compelling value for our shareowners, with the most certainty through the all-cash consideration.”

The final price of $128 a share is just under 5% higher than Bayer’s original offer back in May, and a 44% premium to where Monsanto’s shares were trading before Bayer’s first offer.