Mining equipment manufacturer Joy Global said this week that the company’s stockholders overwhelmingly voted to approve the company’s pending acquisition by Komatsu America Corp. As previously announced on July 21, Joy Global and Komatsu entered into a definitive merger agreement in which Komatsu will acquire Joy Global in a transaction valued at about $3.7 billion, including Joy Global’s outstanding debts. The companies have already received regulatory clearances in both the United States and Canada and expect to close the deal by mid-2017.
“We are pleased with the outcome of today’s vote and appreciate the support we have received from Joy Global stockholders for the Komatsu transaction,” said Joy Global president and CEO Ted Doheny. “Stockholder approval represents a key milestone on the path to completing the transaction, which will deliver compelling value to Joy Global stockholders and further our ability to lead the mining industry with product and service innovation to enhance mine safety and productivity. We are confident that combining with Komatsu is the best way to exceed the needs of our customers, and look forward to expanding our offerings upon closing.”
Joy Global is based in Milwaukee.