M&A · Industrials · Motor Vehicles & Passenger Car Bodies
Terex Corp to acquire REV Group, Inc.
Announced Oct 30, 2025 · Closed Feb 2, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash
Transaction
- Acquirer
- Terex Corp (TEX)
- Target
- REV Group, Inc. (REVG)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Feb 2, 2026
Deal protections
- Break fee (target pays)
- $128M
- Reverse fee (buyer pays)
- $128M
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Barclays
- To the target
- JPMorgan
- Barclays fee
- $2.0M
- JPMorgan fee
- $34.0M
Sector context · Industrials
- Comparable deals
- 95 in the prior 24 months
- Premium
- Sector median 37.0%
- EV / Adj. EBITDA
- Sector median 9.2x
- Break fee
- Sector median 2.6%
Timeline
- AnnouncedOct 30, 2025
- Proxy filedDec 23, 2025
- Definitive proxyDec 23, 2025
- Shareholder voteJan 28, 2026
- ClosedFeb 2, 2026
Valuation · fairness opinions
Trading comparablesBarclays$44.00$65.00
Trading comparablesBarclays$45.00$70.00
Trading comparablesBarclays$54.00$66.00
Trading comparablesBarclays$61.00$76.00
Discounted cash flowBarclays$71.00$98.00
Discounted cash flowJPMorgan$73.00$111.50
Other analysisJPMorgan$71.80$106.90
Implied value per REV Group, Inc. share by analysis, from Barclays and JPMorgan.