Status:  Clearance

Acquirer:  Konecranes Plc (Finland)

Acquired: Terex Corporation (U.S.)

Value:  US$1.3 Billion

Industry:  Machinery; Port Services

On October 11, 2016, Konecranes Plc, a Finish public company, announced that it received CFIUS approval relating to is proposed stock purchase of the Material Handling and Port Solutions business of Terex Corporation, a Delaware corporation. (See Koncranes Press Release, Oct. 11, 2016.)

This announcement comes nearly five months after the parties announced, on May 16, 2016, that they entered into a Stock and Asset Purchase Agreement regarding the sale of the Terex business for total consideration of approximately US$1.3 billion, and subject to regulatory approval, including a CFIUS approval.  (See Terex SEC Form 8-K filing and Ex. 2.1 to Form 8-K filing, May 19, 2016.)   According to press releases available on the acquired company’s website, the “Material Handling & Port Solutions business segment . . . is one of the world’s leading suppliers of industrial cranes, crane components and services under the Demag brand, as well as port technology with a broad range of manual, semi-automated and automated solutions.”