Financial holding company Markel has entered into an agreement to acquire a majority interest in USA-headquartered crane company Buckner HeavyLift.

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2021.

Doug Williams, ceo of Buckner, said: “Today Buckner is in a position of strength, and our partnership with Markel adds to that. We gain additional support for our growth ambitions yet change nothing about our approach, remaining the humble, hardworking family we have always been.”