Terex Corporation and REV Group have completed a $9 billion enterprise‑value merger, combining Terex’s environmental solutions and utilities businesses with REV’s specialty vehicle portfolio.
The transaction is a stock‑and‑cash deal. REV shareholders receive 0.9809 shares of the combined company and $8.71 in cash per share. Terex shareholders will own about 58% of the combined company, while REV shareholders will own 42% on a fully diluted basis.
The combined company is projected to generate $7.8 billion in net sales and an adjusted EBITDA margin of 11%, rising to 14% with $75 million in run‑rate synergies by 2028. The merger is expected to close in the first half of 2026, pending regulatory and shareholder approvals.
Terex will exit its Aerials segment, which saw a 13.2% decline in sales in Q3 2025. Management cited cyclical market exposure and a strategic shift toward lower‑cyclicality businesses. The Aerials division, including the Genie brand, performed below expectations, prompting the divestiture.
Prior quarter performance shows Terex’s Q3 2025 net sales at $1.4 billion, up 14.4% YoY, while REV Group’s Q3 2025 net sales were $644.9 million, up 11.3% YoY. REV’s Specialty Vehicles segment drove growth, with adjusted EBITDA rising 41.8% YoY to $64.1 million. Terex’s Environmental Solutions segment also grew, offsetting mixed performance in Materials Processing.
The merger positions the new entity to capitalize on resilient demand in waste, recycling, utilities, and specialty vehicle markets. Simon Meester, Terex CEO, will lead the combined company, and the board will comprise 12 members, with 7 from Terex and 5 from REV Group.
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