The new company will be headquartered in Switzerland and will trade on the NASDAQ, the companies said.Shyft Group and Switzerland-based Aebi Schmidt will merge in an all-stock deal, the companies said on Monday, sending the U.S. specialty vehicle maker's shares up 13%.
Michigan-based Shyft, which has a market value of about USD 439 million according to data compiled by LSEG, manufactures and assembles specialty vehicles such as work trucks and recreational vehicles.
Swiss-based Aebi also manufactures specialty vehicles, along with attachments for custom equipment. The merger will combine Aebi's specialty vehicle products and services with Shyft's manufacturing, assembly and customizations for the commercial, retail and service specialty vehicle markets.
Under the terms of the deal, each outstanding share of Shyft's common stock will be exchanged for 1.04 shares of the combined company's common stock. Shyft shareholders will own 48% of the combined company, while those of Aebi Schmidt will hold the rest, the companies said.
The companies, however, did not provide any additional details on the deal value. The new combined company is expected to have an estimated pro-forma revenue of USD 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 merged entity after the deal closes.
The new company will be headquartered in Switzerland and will trade on the NASDAQ, the companies said. The deal is expected to close by mid-2025.
Deutsche Bank served as Shyft's financial adviser. Davis Polk & Wardwell LLP acted as its legal adviser, while Lenz & Staehelin served as local Swiss counsel.
