Terex (US:TEX)2025-10-30 12:30Transaction Summary - Terex and REV Group will strategically merge in a stock and cash transaction, creating a combined equity value of approximately $7 billion and an enterprise value of approximately $9 billion at announcement[27] - Terex shareholders will own 58% and REV shareholders will own 42% of the combined company on a fully diluted basis[27] - REV shareholders will receive 09809 Terex shares and $871 in cash consideration per REV share owned, representing a total cash consideration of $425 million[27] - The combined company anticipates achieving $75 million of run-rate synergies by 2028, with approximately 50% realized within 12 months after closing[27, 29, 55] Financial Profile - The combined company is projected to have $78 billion in sales for 2025E, excluding Terex Aerials[32] - The combined company is projected to have an adjusted EBITDA margin of 11% for 2025E, including $75 million of run-rate synergies[32] - The combined company is projected to have an adjusted FCF conversion of 80% for 2025E[32] Business Mix - The combined company's 2025E sales, excluding Terex Aerials, are expected to be 42% Specialty Vehicles, 29% Materials Processing, and 29% Environmental Solutions[37] - North America will represent 83% of the combined company's sales, with the Rest of World accounting for 17%[37] Strategic Transformation - Terex plans to exit its Aerials segment, including a potential sale or spin-off[27, 29]