Deals
Sany Buys Concrete-Pump Maker Putzmeister to Expand Beyond China
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Sany Heavy Industry Co., headed by China’s richest man, and a partner will pay 360 million euros ($475 million) for concrete-pump maker Putzmeister Holding GmbH to add technology and expand overseas.
The Chinese construction-equipment maker will buy 90 percent of Putzmeister for 324 million euros and Citic PE Advisors (Hong Kong) Ltd. will purchase the balance, it said in a Shanghai stock exchange statement yesterday. The deal may be completed by March 1, pending regulatory approvals, the Changsha, China-based company said.