In the latest development following an abandoned merger between two major global equipment makers, U.S.-based equipment maker Terex Corp. has received approval from antitrust regulators in the U.S. and the European Union to sell its material-handling and port solutions (MHPS) business unit to Finnish-based Konecranes.

On August 8, the European Commission cleared Konecranes to acquire Terex’s MHPS business on the condition that it divest itself of its Stahl Cranes subsidiary, which produces industrial cranes and related components. The Commission found that there would be significant overlap between Terex’s MHPS business and Stahl in the electric chain hoists and wire rope hoists categories in Germany and France.

In a related ruling also on August 8, the Antitrust Division of the U.S. Dept. of Justice gave preclearance for the sale without preconditions.

Terex had begun a planned merger with Konecranes in 2015, but that plan changed after an attempted takeover by China-based Zoomlion in February 2016. Terex halted the merger with Konecranes while considering Zoomlion’s offer.

The sale of the MHPS business to Konecranes was proposed during these negotiations, and while Terex ultimately declined Zoomlion’s offer it chose to proceed with the sale of the business unit to Konecranes. The transaction is a combination of cash and stock, and Terex will have a 25% stake in Konecranes when the deal is completed. The sale is expected to close in January 2017.