10:54 AM EDT, 10/30/2025 (MT Newswires) -- Terex ( TEX ) and REV Group ( REVG ) said Thursday they have agreed to merge in a stock and cash deal that will create a specialty equipment manufacturer with an implied total enterprise value of about $9 billion.

Under the agreement approved by the companies' boards, REV Group ( REVG ) shareholders will receive 0.9809 of a share of the merged entity and $8.71 in cash for each share they hold, according to a statement. Terex ( TEX ) shareholders will own roughly 58% of the combined firm, while REV Group ( REVG ) shareholders will hold 42%, the companies said.

The merger, expected to close in H1 of 2026, is expected to deliver $75 million in run-rate synergies by 2028, with half realized within a year of closing, according to the companies.

The combined company will be traded on the NYSE under the symbol TEX and will be led by Terex ( TEX ) Chief Executive Simon Meester as president and CEO, the companies said.

Additionally, Terex ( TEX ) said it will exit its Aerials segment through a potential sale or spinoff.

Shares of Terex ( TEX ) and REV Group ( REVG ) were down more than 9% and 5%, respectively, in recent trading Thursday.

Price: 50.84, Change: -5.15, Percent Change: -9.19