Joy Global To Acquire LeTourneau Technologies For $1.1 billion

Joy Global Inc JOYG agreed to acquire LeTourneau Technologies Inc from Rowan Companies Inc RDC for $1.1 billion in cash. The deal has been approved by the boards of directors of both the companies. Joy Global expects the deal to complete within 60 days. “This acquisition represents a compelling opportunity for Joy Global Inc. and our shareholders, with strong growth prospects for both the mining products and drilling products business segments,” said President and Chief Executive Officer Mike Sutherlin. JOYG shares fell 0.55% to close at $87.48 on Friday, while RDC shares gained 0.40% to close at $38.04 on Friday. Read more from Benzinga's Company news.