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WASHINGTON, DC, January 8, 2008 — Joy Global Inc., a worldwide leader in high-productivity mining solutions, reported today that it has signed a definitive agreement to acquire 100% of the stock of NES Investment, Co., the parent holding company of Continental Global Inc. Continental designs, manufactures, installs and services highly engineered bulk material conveyor systems for mining and other industrial applications for customers on six continents.
Covington & Burling LLP represented Joy Global in the $270 million transaction, which is expected to be finalized in the first quarter of 2008.
The Covington team was led by Washington-based corporate partner Andrew Jack and corporate associates Scott Roades and John Coyle. Other members of the team, based in Washington, London, and New York, included Corinne Goldstein (environmental), Mike Francese and Kendra Roberson (benefits), Rob Heller (tax), Julie Holmes (corporate and real estate), Simon Gamblin (European corporate), and Matt Franker* (securities). The team worked closely with Joy Global’s Executive Vice President, General Counsel and Secretary, Sean D. Major.
*Not yet admitted to practice.