By Denny Jacob
Shyft Group will merge with Aebi Schmidt Group in an all-stock deal that will create a specialty vehicles company.
Each outstanding share of Shyft's common stock will be exchanged for 1.04 shares of the combined company's closing stock. Shyft shareholders will own 48% of the combined company, while Aebi shareholders will own the remaining portion after the close.
The deal will combine Aebi's specialty vehicle products and services which include commercial truck upfitting with Shyft's manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets.
The deal, approved by members of both companies' boards, is expected to close by mid-2025. The combined company will trade on Nasdaq after closing.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 16, 2024 06:29 ET (11:29 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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