Bobcat has been sold to South Korean construction equipment giant Doosan.

Ingersoll Rand – the American parent-company that has owned the brand since 1995 – has signed a deal to transfer Bobcat (skid-steer loaders, telehandlers and diggers) plus Ingersoll Rand compressors, generators and attachments to Doosan for $4.9 billion.

Following this agreement, Doosan Infracore will have a combined network of over 3,700 dealers worldwide and 20 manufacturing plants the U.S., China, Belgium, France and the Czech Republic.

The firm’s total sales will equate to approximately $7.4 billion, which will apparently take Doosan from 19th to 7th position in the worldwide construction equipment league.

Current plans are to keep the brands as separate entities.