REV Group to Merge with Terex in a $3.18 Billion Cash and Stock Deal

REV Group, Inc. (REVG) entered a merger agreement on October 30, 2025, to merge with Terex Corporation (TEX) in a cash and stock deal, valued at $3.18 billion.

Deal Structure:

REV Group shareholders will receive, for each REV Group share, 0.9809 of a share of the combined company and $8.71 in cash ($425 million in total).

The implied consideration is valued at $63.62 per REV share, representing a premium of 6.07% over the stock’s last close.

The combined company will continue to be traded on the NYSE under the symbol TEX.

Company Profile:

REV Group is a U.S. manufacturer of specialty vehicles, from fire trucks and ambulances to buses and motorhomes, serving public safety, business, and consumer markets.

Terex is a manufacturer of industrial equipment that designs and builds materials processing machinery and aerial work platforms used in construction, infrastructure, recycling, energy, and utility applications.

Deal Details and Timeline:

Terex also announced plans to exit its Aerials segment and will begin evaluating strategic alternatives, including a potential sale or spin-off.

Terex CEO Simon Meester will lead the combined company as President and Chief Executive Officer.

Terex shareholders will own about 58% of the combined company, and REV Group shareholders will own about 42%.

The new company’s board will have 12 members: seven from Terex and five from REV Group.

The deal is expected to close in the first half of 2026.

J.P. Morgan served as financial advisor and Davis Polk & Wardwell as legal counsel to REV Group. Barclays provided financial advice to Terex, with Fried, Frank, Harris, Shriver & Jacobson and Pryor Cashman serving as its legal advisors.

Terex is paying 13.76 times EBITDA for REV Group.

Deal Metrics:

For more in-depth information about this M&A transaction, please visit the Deal Metrics page:

Deal Metrics for the acquisition of REV Group, Inc. (REVG) by Terex Corporation (TEX)

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Key events as the merger progresses including expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A timeline of deal updates.
• And a plethora of additional information.

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Editor’s Note: Baranjot Kaur contributed to this article