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August 31, 2011
NEW YORK, August 31, 2011 — Joy Global Inc. (NASDAQ: JOYG), a worldwide leader in high-productivity mining solutions, reported today that it has entered into a definitive agreement to sell the drilling products business of its recently acquired LeTourneau Technologies, Inc. to Cameron International Corporation (NYSE: CAM) for $375 million in cash, subject to certain post-closing adjustments. Covington & Burling LLP advised Joy Global on the deal.
The transaction has been approved by both companies’ boards of directors. Completion of the transaction is subject to the receipt of necessary regulatory approvals and other customary closing conditions.
Covington also represented Joy Global in the $1.1 billion acquisition of LeTourneau Technologies, Inc. that closed last June. 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. Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
The Covington team was led by corporate partner Stephen Infante and corporate associates Andrew Hyman, Ryan Conley, Kyle Rabe and Whitney Gallagher. Also advising on the transaction were Robert Heller and Sarah Burnham (tax), Robert Newman and Michael Chittenden (employee benefits), Heather Haberl and Elizabeth DeYoung (real estate), Seth Tucker and Christopher Wenk (insurance), Corinne Goldstein and Thomas Hogan (environmental), James O’Connell and Ross Demain (antitrust), and W. Andrew Jack and Matthew Franker (securities).