Finland-based Konecranes has received fair trade regulator CCI's approval to acquire 'material handling and port solutions business' of industrial cranes and mining equipment maker Terex Corporation.
Konecranes, in May, entered into a purchase agreement with Terex Corporation for the proposed acquisition in cash and stock for a total consideration of 1,126 million euros.
In a tweet, Competition Commission of India (CCI) said it has approved "acquisition of Material Handling & Port Solutions business of Terex Corporation by Konecranes Plc."
According to the filing submitted to the watchdog for the recent acquisition, Terex would receive USD 820 million in cash and 19.6 million shares of Konecranes.
Consequently, upon completion of the transaction, Terex would own approximately 25 per cent of the outstanding shares of Konecranes.
Konecranes is a global group which provides productivity enhancing lifting solutions as well as services for lifting equipment and machine tools of all makes.
Terex is a global diversified lifting and material handling solutions company that manufactures and services a broad range of equipment used in various industries.
Both the companies have substantial size of operations in India.
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