Terex Corp Merges with Rev Group, Shares Down 1.18%

By Chris Stiles • Tuesday, February 03 15:23 • Permanent Link

Terex Corporation (NYSE: TEX) has announced the successful completion of its merger with Rev Group (NYSE: REVG) to form a premier specialty equipment manufacturer with a diversified portfolio and strong growth prospects. The combination with Rev Group is expected to unlock significant value-creating synergies totaling $75 million of run-rate value in 2028, with approximately 50% to be achieved over the next twelve months.

As a result of the merger, Rev stock ceased trading and is no longer listed on the New York Stock Exchange, and the combined company will now trade as Terex Corporation (NYSE: TEX).

Terex Corporation is a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction. The company's diversified portfolio positions it in resilient, high-demand markets with strong long-term growth potential. Terex's strategy is focused on exceeding customer expectations, investing in innovation, leveraging its diversified portfolio, and delivering consistent, profitable growth for its shareholders.

The combined company is expected to feature lower capital intensity with an attractive leverage profile and strong free cash flow. Both Terex and Rev Group have demonstrated their ability to successfully execute large integrations and deliver expected synergy value.

The merger is a defining moment in Terex's transformation, creating a large-scale leader with a wide range of specialty equipment and a highly synergistic portfolio. The company is looking forward to leveraging the best of both organizations and creating real value for its customers and shareholders.

Barclays served as the exclusive financial advisor, Fried, Frank, Harris, Shriver & Jacobson LLP and Pryor Cashman LLP served as legal counsel, and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor to Terex. J.P. Morgan served as the exclusive financial advisor, Davis Polk & Wardwell LLP served as legal counsel, and Brunswick Group served as strategic communications advisor to Rev Group.

Terex Corporation's global reach, combined with local expertise, positions the company to capture opportunities worldwide. With a strong manufacturing footprint in the United States and operations across Europe, India, and the Asia Pacific, the company aims to deliver best-in-class lifecycle support, helping customers maximize return on investment. Following these announcements, the company's shares moved -1.18%, and are now trading at a price of $60.39. For more information, read the company's full 8-K submission here.

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