REV Group (REVG) Company Report

Terex Corporation and REV Group have entered into a definitive agreement to merge in a stock and cash transaction.
Upon completion, Terex shareholders will own 58% and REV shareholders 42% of the combined company, with REV shareholders also receiving $425 million in cash consideration.
The merger is expected to close in 2026 and is projected to generate at least $75 million in annual synergies.
The combined company, which will trade on the NYSE under the TEX ticker, is expected to have $5.8 billion in revenue and an EBITDA margin of approximately 14% on a pro forma basis for fiscal 2025, after the Aerials exit and synergies.
Terex also announced its intention to exit its Aerial segment through a potential sale or spin-off to reduce exposure to cyclical end markets.

Oct 30, 2025, 12:30 PM

Terex and REV Group Announce Merger

REVG

M&A

New Projects/Investments

Guidance Update

Terex Corporation and REV Group have announced a strategic merger in a stock and cash transaction, creating a combined entity with an equity value of ~$7 billion and an enterprise value of ~$9 billion at announcement.
REV shareholders will receive 0.9809 Terex shares and $8.71 of cash consideration per REV share, with Terex shareholders owning 58% and REV shareholders 42% of the combined company on a fully-diluted basis. The combined company will continue to trade on the NYSE under the ticker 'TEX'.
The transaction is expected to generate $75 million of run-rate synergies by 2028, with approximately 50% achieved 12 months after closing. The combined company (excluding Aerials) is projected to have $5.8 billion in 2025E sales, a 14% 2025E Adjusted EBITDA Margin, and 89% 2025E Adjusted Free Cash Flow Conversion, including synergies.
The merger, unanimously approved by both Boards of Directors, is expected to close in H1 2026, subject to customary closing conditions, including regulatory and shareholder approvals. Terex also plans to exit its Aerials segment, including a potential sale or spin-off.

Oct 30, 2025, 12:30 PM

REV Group and Terex Announce Merger Agreement

REVG

M&A

Guidance Update

Terex and REV Group have entered into a definitive merger agreement in a stock and cash transaction to form a leading specialty equipment manufacturer.
REV Group shareholders will receive 0.9809 shares of the combined company and $8.71 in cash per share, resulting in Terex shareholders owning approximately 58% and REV Group shareholders approximately 42% of the combined entity. The transaction is expected to close in the first half of 2026, pending shareholder and regulatory approvals.
The merger is anticipated to generate $75 million in run-rate synergies by 2028, with about 50% realized within 12 months post-closing. The combined company is projected to have approximately $7.8 billion in net sales and an 11% Adjusted EBITDA margin as of year-end 2025, excluding synergies.

Oct 30, 2025, 11:59 AM

REV Group's Recreational Vehicles Segment Reports Strong Sales at Major RV Events

REVG

Revenue Acceleration/Inflection

Product Launch

REV Group's Recreational Vehicles Segment reported strong sales at the 56th Annual America’s Largest RV Show in Hershey, Pennsylvania, and the Dealer Open House in Elkhart, Indiana.
At the Hershey RV Show, Fleetwood RV, Holiday Rambler, and American Coach sold a combined 40 units to consumers, marking a 20% increase year over year, with American Coach alone seeing a 66% increase over 2024 sales. Renegade RV sold nearly 30 units, up from 17 in 2024.
At the Elkhart Open House, Fleetwood RV, Holiday Rambler, and American Coach received orders for 60 units, while Midwest Automotive Designs' Class B orders were up 40% year-over-year, and Renegade RV secured approximately 80 orders.