STOCKHOLM (Reuters) – Swedish mining equipment maker Epiroc said on Friday it has agreed to buy Stanley Black & Decker’s STANLEY Infrastructure for $760 million.
Epiroc expects to finalise the acquisition of the maker of excavator attachments and handheld hydraulic tools in the first quarter of 2024, it said in a statement.
“The strategic acquisition will strengthen Epiroc’s presence in the attachments business in infrastructure and construction, especially in the United States,” the group said.
It said it will pay for the business in cash, having secured financing through a bridge facility.
(Reporting by Anna Ringstrom, editing by Louise Rasmussen)