On February 23, 2019 Tadano Ltd. announced the approval by its board of directors to enter into an agreement with Terex Corporation, headquartered in the state of Connecticut in the United States, for a stock and asset acquisition of the Demag Mobile Crane Business, headquartered in Germany. Thereafter, regulatory approvals were obtained in each related country, and closing of the acquisition was completed on July 31st.
The total agreement price is approximately 215 million dollars (approximately 23.6 billion yen). The total agreement price is equivalent to the enterprise value and is subject to adjustment at closing. All yendenominated values calculated at the rate of 110 yen to the dollar. Tadano plans to use a mixture of its own cash reserves and borrowed funds to secure the total cash to be used in the transaction payment.
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