JOY GLOBAL ANNOUNCES AGREEMENT TO BE ACQUIRED BY KOMATSU IN $3.7 BILLION ALL-CASH TRANSACTION

Delivers substantial all-cash premium to Joy Global stockholders

Komatsu committed to long-term growth of Joy Global, which will operate as a separate subsidiary of Komatsu

MILWAUKEE, July 21 (Bernama-BUSINESS WIRE) -- Joy Global Inc. (NYSE: JOY) (“Joy Global”), a worldwide leader in high-productivity mining solutions, today announced that its Board of Directors has unanimously approved a definitive merger agreement under which Komatsu America Corp., a subsidiary of Komatsu Ltd. (TYO: 6301) (“Komatsu”), will acquire Joy Global in a transaction valued at approximately $3.7 billion, including Joy Global’s outstanding indebtedness. Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held, representing a 48% premium to the volume weighted average closing price of Joy Global’s common stock for the 90 trading days and a 41% premium to the volume weighted average closing price of Joy Global’s common stock for the 60 trading days prior to July 21, 2016.

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