Jordan completes exit from Chinese mining machinery firm
The Jordan Company, a mid-market private equity firm, has concluded the sale of its holding in Chinese coal mining equipment manufacturer International Mining Machinery (IMM) to Joy Global. Regulatory approval was granted in December to a deal struck several months earlier that will see Joy Global purchase 41% of the company for HK$4.5 billion ($584.6 million).
The global mining solutions provider has acquired 534.8 million shares at HK$8.50 apiece. Coupled with shares purchased during the offer period, Joy Global now owns approximately 69.3% of Hong Kong-listed...
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