Caterpillar, the world’s largest construction company, has agreed to acquire German engine maker MWM Holding from British private equity firm 3i Group for €580 million — or $810 million — in cash.

Reuters reports that Caterpillar’s rich offer likely preempted a formal auction for the Mannheim-based gas and diesel engine manufacturer that would have attracted large strategic buyers. Caterpillar previously tried to acquire MWM three years ago only to be outbid by 3i, according to The Wall Street Journal. (The Journal reports that 3i initially paid €360 million for MWM — not a bad investment, it appears.)

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