Terex Corporation announces sale of material handling and port solutions business to Konecranes

Avance advises Terex in connection with its agreement to sell its Material Handling and Port Solutions business (“MHPS”) to Konecranes for total consideration of approximately $1.3 billion. The consideration being paid is comprised of $820 million in cash and 19.6 million newly issued shares of Konecranes. Upon completion of the transaction, Terex will own approximately 25% of the outstanding shares of Konecranes and have the right to nominate two directors. The transaction, which is subject to customary regulatory approvals and the approval of the shareholders of Konecranes, is expected to close in January 2017.