The merger of the two companies is expected to close in the first quarter of 2018.
The deal will see the two entities merge into one company, which is expected be worth $1.2 billion.
In October, Bucyruos founder and chief executive David Yapakis announced that he would leave the company, with a majority stake in the company.
According to a letter posted on the company’s website, Yapaks plans to sell a minority stake to his daughter, Anastasia, who will become the majority shareholder of the company and become a director.
Bucyrus will also be moving its headquarters from Australia to Cyprus.
Anastasia Yapakin will become chairman of the Cypriots Cyprienet, a private company which manages Cyprios finances and operations.
Yapakis, who is also CEO of the Australian Broadcasting Corporation, said he will step down from the company as chairman of its Cypriyte unit.
Yapaks departure from Bucyruss Telegraphs was announced in August and followed a meeting of shareholders.
Buys share price rose 2.9 per cent to €6.94 on the New York Stock Exchange on Monday, with the shares trading at €4.79.