Joy Global announced that Joy Global stockholders overwhelmingly voted to approve the company’s pending acquisition by Komatsu America Corp., a subsidiary of Komatsu Ltd.

“We are pleased with the outcome of the vote and appreciate the support we have received from Joy Global stockholders for the Komatsu transaction,” said Ted Doheny, president and CEO of Joy Global. “Stockholder approval represents a key milestone on the path to completing the transaction, which will deliver compelling value to Joy Global stockholders and further our ability to lead the mining industry with product and service innovation to enhance mine safety and productivity. We are confident that combining with Komatsu is the best way to exceed the needs of our customers, and look forward to expanding our offerings upon closing.”

As previously announced on July 21, Joy Global and Komatsu entered into a definitive merger agreement where Komatsu will acquire Joy Global in a transaction valued at about $3.7 billion, including Joy Global’s outstanding indebtedness. Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held at the time of the closing of the transaction. The completion of the transaction remains subject to certain other closing conditions, including obtaining necessary regulatory clearances under competition laws in relevant countries. The parties have received the necessary clearances in both the United States and Canada. The transaction is on track to close by mid-2017, and may occur in early-2017 depending on the progress of the remaining regulatory clearance procedures.

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