Joy Global to Pay $1.1 Billion for Rowan's Manufacturing Arm

Mining equipment maker Joy Global Inc. agreed to pay $1.1 billion to buy Houston-based oil and gas driller Rowan Companies, Inc.’s LeTourneau Technologies manufacturing arm, the companies announced on Monday.

Latham & Watkins is representing Rowan and Covington & Burling is advising Joy Global in a deal expected to close within 60 days.

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