Keystone
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 be the Group’s 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 will hold the majority (52%) of the combined company. Together, the companies will have a turnover of around 2 billion US dollars.
The merger will also see Aebi Schmidt listed on the US Nasdaq stock exchange. Peter Spuhler will be the largest shareholder. He currently holds around two thirds of the shares in Aebi Schmidt directly and via his PCS Holding. After the merger, his stake will be around 35 percent. Gero Büttiker will be another major shareholder with a stake of around 13 percent, it is reported.
The headquarters of the merged company will remain in Frauenfeld. The new company will be managed by the former Aebi-Schmidt CEO Barend Fruithof. The current Shyft CEO James Sharman has been nominated as Chairman of the Board of Directors.
Swiss
