(Reuters) - U.S. specialty vehicle manufacturer Shyft Group and Switzerland-based Aebi Schmidt will merge in an all-stock deal, the companies said on Monday. Shareholders of Shyft will own 48% of the
Shyft Group and Aebi Schmidt to Merge in Strategic Deal
(Reuters) - U.S. specialty vehicle manufacturer Shyft Group and Switzerland-based Aebi Schmidt will merge in an all-stock deal, the companies said on Monday.
Shareholders of Shyft will own 48% of the combined company, while those of Aebi Schmidt will hold the remaining 52%, the companies said in a statement.
Financial terms of the deal were not disclosed.
The combined company is expected to have an estimated pro-forma revenue of $1.95 billion for 2024, the companies said.
Barend Fruithof, chief of the Swiss specialty vehicle products and services firm, will head the combined company, while Shyft CEO John Dunn will remain with the company until the close of the deal.
Shares of Shyft closed at $12.72 on Friday, giving the Michigan-headquartered company a market value of about $439 million, according to data from LSEG.
The new company, which will be headquartered in Switzerland, will trade on the NASDAQ, the companies said.
(Reporting by Anirban Sen and Gursimran Kaur; Editing by Subhranshu Sahu)
