Aebi Schmidt merges with The Shyft Group and goes public on Nasdaq
Published: Monday, Dec 16th 2024, 13:40
Updated At: Monday, Dec 16th 2024, 13:10
Retour au fil d'actualité
The Swiss vehicle manufacturer Aebi Schmidt wants to merge with the US specialty vehicle manufacturer The Shyft Group. The shares will then be traded on the US stock exchange Nasdaq. Peter Spuhler will lose his majority stake in the Group, but will remain the largest shareholder.
Aebi Schmidt and The Shyft Group intend to merge via a share swap, as the companies announced on Monday. Once the transaction has been completed, Aebi Schmidt shareholders will hold the majority (52%) of the combined company. Together, the companies will generate sales of around 2 billion US dollars and an operating profit (adjusted EBITDA) of around 200 million dollars.
Following the merger, the company will have 70 locations worldwide, 40 of which will be in the USA. The transaction is expected to be completed by mid-2025.
Stock exchange listing in the USA
The merger will also see Aebi Schmidt listed on the US Nasdaq stock exchange. Shyft's shares are already listed there.
Peter Spuhler will be the largest shareholder in the new group. Spuhler bought Aebi in 2006 and merged the company with Schmidt in southern Germany in 2007. Spuhler currently holds around two thirds of the shares in Aebi Schmidt directly and via his PCS Holding.
After the merger, his stake in the combined group will still be around 35%. Gero Büttiker will be the other major shareholder with a stake of around 13 percent, according to the statement.
The merged company will remain headquartered in Frauenfeld and will be managed by the current Aebi-Schmidt CEO Barend Fruithof. The current Shyft CEO James Sharman will act as Chairman of the Board of Directors, while Fruithof will also become Vice CEO. It is reported that Aebi Schmidt will provide a total of six of the eleven members of the Board of Directors.
Utilize synergies
The two companies complement each other well in their portfolios, the statement continues. According to the information provided, Aebi Schmidt currently generates around half of its turnover in the USA and the other half in Europe. The merger will enable the company to expand its foothold in the USA and will also give Shyft access to the European market.
With the merger, Spuhler wants to "strengthen Aebi Schmidt's location in Switzerland and preserve jobs in Switzerland in the long term", as he writes in the press release. The merger will create one of the "leading special vehicle manufacturers worldwide".
The merger is expected to have a rapid positive impact on earnings, primarily through geographical expansion, cross-selling and cost optimization.
©Keystone/SDA
French 
English 
German 
Spanish 
Arabic