Status:       Approved

Acquirer:  Konecranes Plc (Finland)

Acquired: Terex Corporation (U.S.)

Value:       US$1.3 Billion

Industry:   Industrial Machinery/ Port Services

On October 11, 2016, Konecranes Plc, a Finish public company, announced that it received Committee on Foreign Investment in the United States (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, 2106.)

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.” (See Terex MHPS website.)