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December 21, 2009 1:01 PM

Bryan Cave, S&C Lead on $1.3B Mining Deal

Posted by Zach Lowe

Bryan Cave and Sullivan & Cromwell continued long-standing client relationships by taking lead roles on Wisconsin-based Bucyrus International's $1.3 billion acquisition of Terex Corporation's mining equipment subsidiaries. 

Bryan Cave represented Westport, Conn.-based Terex, which said the deal is part of its move to phase out mining and heavy equipment and focus on industrial products, according to a company statement and the Associated Press. Terex said it could not provide the huge amounts of working capital and investment in machinery to compete in mining. The company plans to use proceeds from the sale to Bucyrus for future acquisitions, according to CNNMoney

That's good news for Bryan Cave, which has been Terex's longtime go-to counsel for deals, arranging credit facilities and other general corporate work. Eric Cohen, who is listed in regulatory filings as Terex's senior vice-president and general counsel, previously worked at Robinson Silverman, a New York-based firm Bryan Cave swallowed up in 2002. Corporate partner David Fisher led the firm's team along with tax partner Alan Solarz and benefits partner Kyle Flaherty, the firm said.

Sullivan & Cromwell advised Bucyrus, also a longtime client. Robert Buckholz, Jr., who has advised Bucyrus on various offerings before, did not immediately return a call seeking comment.

Two interesting aspects of this deal: First, though the deal is an all-cash transaction that does not require shareholder approval, Terex has the option of receiving $300 million of the purchase price in Bucyrus shares. Second, Bucyrus has already lined up a letter of commitment from several financial institutions that have agreed to provide a new credit facility to help fund the deal.

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