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By Associated Press
July 21, 2016
NEW YORK (AP) — Japan's Komatsu is buying mining equipment maker Joy Global in a deal worth about $3.7 billion.
Komatsu makes construction, mining, industrial and military equipment.
Joy Global Inc. stockholders will receive $28.30 per share in cash, a 21 percent premium to the Milwaukee company's Wednesday closing price of $23.30. Its stock surged more than 17 percent in premarket trading on Thursday.
Komatsu Ltd. said that it plans to keep Joy Global as a separate subsidiary.
The transaction is targeted to close by the middle of next year. It still needs approval from Joy Global stockholders.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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