In a bold industrial move set to reshape the U.S. specialty equipment landscape, Terex Corp. and REV Group have announced a merger valued at approximately $9 billion. The landmark agreement, unveiled Thursday, is being guided by legal heavyweights Fried Frank Harris Shriver & Jacobson LLP, Pryor Cashman LLP, and Davis Polk & Wardwell LLP.

The merger will forge one of the largest specialty equipment manufacturers in the nation, blending Terex’s global footprint in construction and material processing with REV’s stronghold in emergency vehicles, utility systems, and environmental machinery.

A Strategic Industrial Alliance

Under the terms of the deal, REV shareholders will receive $8.71 in cash and 0.9809 Terex shares for each REV share held. Once finalized, Terex shareholders will control about 58% of the combined company, while REV investors will hold 42%, trading under the “TEX” ticker on the New York Stock Exchange.

Despite the fanfare, markets reacted cautiously. Terex shares dropped 15%, while REV slipped 9% in Thursday’s trading.

The newly combined entity is projected to generate $7.8 billion in annual revenue and aims to achieve $75 million in cost synergies by 2028, with half of those savings expected within the first year after closing.

Leadership and Long-Term Vision

Simon Meester, Terex’s CEO, will helm the merged company, while Mark Skonieczny, CEO of REV, will join the board. Both executives emphasized that the merger represents a strategic evolution rather than just expansion.

“By merging our complementary portfolios, we are creating a diversified industrial leader poised for sustained growth,” Meester said. Skonieczny echoed the sentiment, calling the merger “a natural step toward building a more profitable and resilient company.”

Focus on Growth, Stability, and Diversification

The union strengthens both firms’ foothold in steady, less cyclical markets such as emergency response and municipal services—areas increasingly appealing to investors seeking industrial stability amid economic fluctuations.

As part of the restructuring, Terex also plans to sell or spin off its Aerials segment, reducing exposure to the volatile construction market.

Both companies’ boards have unanimously approved the merger, which is expected to close in the first half of 2026 pending regulatory and shareholder approvals.

The Legal Minds Behind the Mega Deal

The Davis Polk team steering REV includes partners James P. Dougherty, Evan Rosen, Derek Dostal, Kara L. Mungovan, Nikolaus Caro, Howard Shelanski, and Matthew Yeowart.
Fried Frank’s lineup for Terex features Philip Richter, Colum Weiden, Aleksandr Livshits, Kathy O’Neill, Joshua Roth, Alan Kaden, and Amy Blackman.

Details on Pryor Cashman’s deal team were not immediately available.