Joy Global To Buy $585M China Firm Stake

U.S. mining equipment maker Joy Global is purchasing a 41% stake in China’s International Mining Machinery Holdings, The Wall Street Journal reports. Joy Global will pay $585 million for the stake.

TJCC Holdings, a unit of U.S. private equity firm Jordan, will sell its 534.8 million shares as part of the deal. Joy Global will acquire the remaining 59% stake in the Chinese company through a tender offer to be launched after the closure of the share purchase deal.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.