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NOVI, Michigan - Shyft Group Inc. (NASDAQ:SHYF) and Aebi Schmidt Holding AG have completed their previously announced merger, with the combined company now operating as "Aebi Schmidt Group," according to a press release statement issued Tuesday. Prior to the merger, Shyft Group demonstrated strong financial health with a current ratio of 1.72 and maintained dividend payments for 38 consecutive years. According to InvestingPro data, the company’s stock showed robust momentum with a 14.4% return over the past year.
The newly formed entity is expected to begin trading on the NASDAQ on a "when-issued" basis under the ticker symbol "AEBIV" today, and on a "regular-way" basis under the ticker symbol "AEBI" on Wednesday.
As part of the transaction, each share of Shyft common stock was exchanged for approximately 1.04 shares of the combined company’s common stock. The merger was structured to be tax-free to Shyft shareholders for U.S. federal income tax purposes.
Barend Fruithof will serve as Group Chief Executive Officer of Aebi Schmidt Group, while James Sharman will serve as Chairman of the Board of Directors.
"We are proud to unite two outstanding organizations under the Aebi Schmidt Group name," said Fruithof. "This merger brings together deep engineering expertise, strong customer relationships, and a shared focus on delivering essential solutions for infrastructure and mobility."
The combined company reported $1.9 billion in combined revenue and $148 million in adjusted EBITDA in 2024 on a U.S. GAAP pro forma basis. This represents a significant scale-up from Shyft’s standalone last twelve months revenue of $792.9 million. InvestingPro analysis indicates the company was trading at elevated EBITDA multiples before the merger, suggesting investors’ confidence in its growth potential. Get access to 10+ additional exclusive ProTips and comprehensive valuation metrics with InvestingPro’s detailed research reports, available for 1,400+ US stocks.
Following the merger completion, Shyft’s common stock has been delisted from the NASDAQ Global Select Market. The company has requested that NASDAQ file a Form 25 with the SEC to formally remove its common stock from listing and registration.
The merger, which was first announced on December 16, 2024, brings together Shyft, a North American leader in specialty vehicle manufacturing, and Aebi Schmidt, a global provider of infrastructure, environmental, and agricultural solutions. Looking ahead, analysts expect Shyft’s net income to grow this year, with revenue projected to increase by 13%. For detailed analysis of the merged entity’s growth prospects and comprehensive financial metrics, visit InvestingPro.
In other recent news, The Shyft Group has reported impressive earnings results for the first quarter of 2025. The company achieved an adjusted earnings per share of $0.07, which surpassed the expected loss of $0.10 per share, and generated revenue of $204.6 million, exceeding the projected $198.96 million. This positive performance reflects the company’s strategic initiatives and operational improvements. Additionally, Shyft Group shareholders have approved a merger with Aebi Schmidt Group, with an overwhelming 99% of votes in favor. The merger, expected to close around July 1, 2025, will result in the combined entity operating under the name "Aebi Schmidt Group."
Furthermore, Shyft Group has announced a quarterly cash dividend of $0.05 per share, payable on June 16, 2025. The company has also indicated potential executive changes post-merger, with Joshua Sherbin, the Chief Legal, Administrative and Compliance Officer, signaling his departure. These developments come amid Shyft’s efforts to expand its portfolio, including the introduction of new electric and service truck models. Investors are advised to monitor these significant changes as Shyft Group progresses with its merger and strategic goals.
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