Investing.com – Japan’s Komatsu to buy U.S. mining equipment firm Joy Global (NYSE:JOY) for $2.9 billion.
Komatsu agrees to pay $28.30/share, a 20% premium to Wisconsin-based firm’s closing price.
Joy Global makes underground and surface mining equipment, Komatsu only surface equipment.
Komtasu sees pick-up in mining equipment demand as commodity prices recover.
Komatsu closed up 2.3% Thursday; Joy Global shares up 86% this year but well off 2015 highs.