Terex and Rev Group announce merger, creating specialty equipment manufacturer

Terex Corp. of Norwalk, Connecticut, and Rev Group Inc. of Brookfield, Wisconsin, have entered into a definitive merger agreement to form a specialty equipment manufacturer of emergency, waste, utilities, environmental and materials processing equipment.

Under the terms of the agreement, which has been approved unanimously by the boards of directors of both companies, Rev Group shareholders will receive 0.9809 of a share of the combined company and $8.71 in cash ($425 million in total) for each Rev Group share. Upon closing, Terex shareholders will own approximately 58 percent and Rev Group shareholders will own approximately 42 percent of the combined company's fully diluted shares on a pro forma basis.

The combined company is expected to have approximately $7.8 billion in net sales and a combined adjusted earnings before interest, taxes, depreciation and amortization margin of approximately 11 percent as of year-end 2025, excluding benefit of synergies, according to Terex and Rev Group. Combining the portfolios is anticipated to generate $75 million of run-rate value in 2028 with approximately 50 percent achieved 12 months after closing.

“Joining forces with Terex is a natural evolution of our strategy of building a stronger, more profitable and scaled company by bringing together two highly respected organizations with shared values and a commitment to innovation, operational excellence and customer success,” Rev Group CEO Mark Skonieczny says. “We are beginning an exciting new chapter that will generate meaningful value for our shareholders, customers and employees.”

The transaction is expected to close in the first half of 2026. Following the close, the board of the combined company will consist of 12 directors, of which seven will be from the Terex board and five from the Rev Group board.

Upon closing of the merger, Terex CEO Simon Meester will serve as president and CEO of the combined company.

“This transaction represents a transformative step for both companies. By combining our complementary portfolios and leveraging our collective strengths, we are creating a large-scale, diversified industrial leader well-positioned to capitalize on long-term secular growth trends,” Meester says. “The transaction will unlock significant value for both Terex and Rev Group shareholders and creates exciting opportunities for our team members and customers by strengthening our ability to invest in the combined business, innovate and deliver quality solutions.”