Boral Ltd, an Australian building materials manufacturer, had signed a joint venture deal with its US peer USG Corp. After announcing the deal valued at USD1.6 billion for the plasterboard joint venture, the shares of Boral had jumped to as much as 8% on Thursday.

As reported earlier, the joint venture would be equally owned by 50% of each company wherein USG would pay USD575 million to Boral. This was according by the two companies.

Boral Ltd is a multinational company established in Australia but had extensive operations in the US and Asia, according to the company's website. Meanwhile, USG Corp is a leading building materials maker for the construction and remodeling industries.

The shares of Boral Ltd had increased by 6.7% at AUD5.07 at 2306 GMT. This was after hitting a seven month high of AUD5.12 earlier. Meanwhile, the shares of USG ended down by 1.3% at USD27 on Wednesday.