09:25 AM EST, 12/16/2024 (MT Newswires) -- Shyft ( SHYF ) and Aebi Schmidt said Monday they have agreed to merge in an all-stock deal to create a specialty vehicles company.

Under the deal, each outstanding Shyft ( SHYF ) share will be exchanged for 1.04 shares of the combined company's shares, the companies said, adding that Shyft ( SHYF ) shareholders will own 48% of the combined company and Aebi Schmidt shareholders will own 52%.

The combined company, which is expected to have pro forma revenue of $1.95 billion in 2024, will trade on Nasdaq, and the deal is slated to close by mid-2025, the companies said.

The merger is slated to be accretive to earnings per share by the first year following closing, Shyft ( SHYF ) and Aebi said.

Shyft ( SHYF ) shares were down 2.2% in recent premarket trading.