US specialty vehicle maker Shyft to merge with Switzerland-based Aebi Schmidt

Shyft

16/12/2024 10:30

Dec 16 (Reuters) - U.S. specialty vehicle manufacturer
Shyft Group  SHYF.O  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)
 ((GursimranKaur.Mehar@thomsonreuters.com;))