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WASHINGTON, DC, May 16, 2011 — Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions, reported today that it has signed a definitive agreement to acquire 100 percent ownership interest in LeTourneau Technologies, Inc. (“LeTourneau”) from Rowan Companies, Inc. (“Rowan”) (NYSE: RDC) for $1.1 billion in cash. LeTourneau designs, builds and supports equipment for the mining and oil and gas drilling industries, and has been a leader in the earthmoving equipment industry since the 1920s.
Covington & Burling LLP represented Joy Global in the transaction which is expected to be finalized in the next 60 days.
The Covington team, based in Washington, New York and Brussels, was led by corporate lawyers Andrew Jack and Stephen Infante, with Andrew Hyman, Elizabeth Speth, Kyle Rabe, Whitney Gallagher and Darien Capron*. Other members of the team included Deborah Garza, Jim O’Connell and Miranda Cole (antitrust), Robert Newman and Mike Chittenden (benefits), Corinne Goldstein and Tom Hogan (environmental), Don Ridings, Enrique Armijo and Jennifer Saperstein (FCPA compliance), Peter Zern and Leah Graham (finance), Heather Haberl and Elizabeth DeYoung (real estate), Matt Franker (securities), Seth Tucker and Chris Wenk (insurance), and Rob Heller and Rucia Pei (tax). The team worked closely with Joy Global’s Executive Vice President, General Counsel and Secretary Sean D. Major.
*Admitted to the Virginia bar; not admitted to practice in Washington.