On May 20, Caterpillar Inc. received U.S. Justice Dept. clearance to press ahead with its $8.6-billion buyout of Oak Creek, Wis.-based Bucyrus International Inc. The deal, announced in November, is set to close in mid-2011. Caterpillar won’t issue $2 billion in equity to underwrite the purchase, as once planned. Rather, the Peoria, Ill., construction equipment maker is paying for Bucyrus through a combination of cash on hand and debt in the form of a $4.5-billion, five-part bond sale. The purchase is Caterpillar’s largest acquisition to date.
The growing need to collect, store and analyze the huge volumes of data collected from infrastructure project stakeholders is generating a new growth area for construction-sector firms, IT vendors and professionals.