Caterpillar Inc./Bucyrus International, Inc.
Caterpillar Inc. (NYSE: CAT) and Bucyrus International, Inc. (Nasdaq: BUCY) announced that they have entered an agreement whereby Caterpillar will acquire all outstanding shares of Bucyrus for a consideration of $92 per share, or $8.6 billion including debt. The price is $7.6 billion net of debt.
The transaction is expected to close in mid-2011.
Caterpillar will fund the acquisition through a combination of cash from the balance sheet, debt and up to $2 billion in equity.
J.P. Morgan Securities LLC served as exclusive financial advisor for Caterpillar and has provided committed financing for the transaction. Mayer Brown LLP, Sidley Austin LLP and Howrey LLP served as legal advisors for Caterpillar.
Deutsche Bank Securities Inc. and UBS Investment Bank served as financial advisors for Bucyrus. Sullivan & Cromwell LLP and Arnold & Porter LLP served as legal advisors for Bucyrus.
The transaction is expected to close in mid-2011.
Caterpillar will fund the acquisition through a combination of cash from the balance sheet, debt and up to $2 billion in equity.
J.P. Morgan Securities LLC served as exclusive financial advisor for Caterpillar and has provided committed financing for the transaction. Mayer Brown LLP, Sidley Austin LLP and Howrey LLP served as legal advisors for Caterpillar.
Deutsche Bank Securities Inc. and UBS Investment Bank served as financial advisors for Bucyrus. Sullivan & Cromwell LLP and Arnold & Porter LLP served as legal advisors for Bucyrus.
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