Terex's $2B Power Play: Expands North American Footprint With ESG Deal
Terex's $2B Power Play: Expands North American Footprint With ESG Deal
Terex Corporation (NYSE:TEX) shares are trading higher after the company inked a deal to acquire Environmental Solutions Group (ESG) from Dover Corporation (NYSE:DOV) in a $2.0 billion all-cash transaction.
Terex公司(纽约证券交易所:TEX)股票交易价格上涨,因该公司签署了一项由纽约证券交易所:DOV公司以现金20亿美元收购环保母基(Environmental Solutions Group,简称ESG)的交易。
Based in Chattanooga, Tennessee, ESG provides refuse collection vehicles, compactors, and balers, as well as related aftermarket equipment and digital offerings, including onboard vehicle safety systems, route management, predictive maintenance, and customer relationship management software. In 2023, ESG generated approximately $750 million of revenue.
总部位于田纳西州查塔努加的ESG公司提供垃圾收集车辆、压缩机和打包机以及相关的售后设备和数字化产品,包括车辆安全系统、路线管理、预测性维护和客户关系管理软件。2023年,ESG公司营业收入约为7500万美元。
When adjusted for the present value of expected tax benefits of about $275 million, the purchase price is $1.725 billion. This represents approximately 8.4x 2024E EBITDA, including expected run-rate synergies.
考虑到大约27500万美元的预期税收优惠现值,《纽约时报》指出,收购价格为17.25亿美元。这相当于2024E EBITDA的8.4倍,包括预期合并后的协同效应。
With this buyout, Terex expects North American exposure to rise to 65%, expanding its global market opportunity to $40 billion.
通过这次收购,Terex期望北美市场占比提高至65%,将全球市场机会扩大到400亿美元。
Terex plans to establish a new Environmental Solutions segment, combining ESG with its existing Utilities business. As of March-end, the new Environmental Solutions segment would have pro forma LTM revenues of $1.4 billion.
Terex计划成立一个新的环保解决方案板块,将ESG与现有的公用事业业务合并。截至3月底,新的环保解决方案板块的下述财务数据为14亿美元。
The transaction is expected to close in the second half of 2024, pending regulatory approvals and customary closing conditions.
交易预计在2024年下半年完成,前提是获得监管机构批准和惯例结束条件。
ESG's EBITDA margin, including run-rate synergies, is expected to add 130 basis points of margin accretion, resulting in Terex having approximately $1 billion in pro forma EBITDA.
包括预期协同效应,ESG的EBITDA利润率有望增加130个基点,使Terex的财务状况达到约10亿美元的EBITDA。
Synergies: Terex anticipates achieving ~$25 million in identified synergies by the end of 2026, primarily through procurement, supply chain efficiencies, and commercial initiatives.
协同效应:Terex预计通过采购、供应链效率和商业举措,到2026年底实现约2500万美元的协同效应。
Terex anticipates a 2024 net leverage ratio of 2.2x, below its 2.5x target, and expects it to fall below 2.0x by the end of 2025, with ongoing reduction driven by improved free cash flow.
Terex预计2024年的净负债率为2.2倍,低于其2.5倍的目标,并预计到2025年底将降至2.0倍以下,持续降低得益于自由现金流的改善。
The deal enhances Terex's financial profile, delivering revenue growth, free cash flow, EBITDA margin and EPS accretion. The transaction is expected to be double-digit percentage adjusted EPS accretive in 2025, with meaningful growth anticipated thereafter.
该交易增强了Terex的财务状况,提供了营收增长、自由现金流、EBITDA利润率和EPS增长。预计该交易将在2025年实现两位数百分比的调整后的EPS增长,并随后预计实现可观的增长。
Terex President and CEO, Simon Meester said, "This acquisition announcement of ESG marks an incredibly exciting milestone in our multi-year transformation and aligns with our goal of strengthening our portfolio and leveraging our operating system to drive sustainable, accelerated long-term growth."
Terex总裁兼首席执行官Simon Meester表示:“ESG的收购公告标志着我们多年转型的一个令人非常兴奋的里程碑,并与我们的目标相一致,即加强我们的投资组合并利用我们的运营系统来推动可持续的、加速的长期增长。”
"ESG will add a non-cyclical, financially accretive, and market-leading business to Terex's portfolio with tangible synergies in the fast-growing waste and recycling end market."
“ESG将为Terex的投资组合增加一个非周期性、财务上富有意义且市场领先的业务,具有快速增长的废物和回收市场的有形协同效应。”
As of March-end, Terex had liquidity (cash and availability under our revolving line of credit) of $866 million.
截至3月底,Terex的流动性(现金和可用的循环信贷额度)为86600万美元。
Investors can gain exposure to DOV via Vesper US Large Cap Short-Term Reversal Strategy ETF (NYSE:UTRN) and First Trust Exchange-Traded Fund First Trust Bloomberg Inflation Sensitive Equity ETF (NYSE:FTIF).
投资者可以通过Vesper US Large Cap Short-Term Reversal Strategy ETF (纽约证券交易所:UTRN)和First Trust Exchange-Traded Fund First Trust Bloomberg Inflation Sensitive Equity ETF(纽约证券交易所:FTIF)获得DOV的股份。
Price Action: TEX shares are up 7.32% at $60.60, and DOV shares declined 0.36% at $183.03 at the last check Monday.
TEX股票收盘时上涨了7.32%,至60.60美元,而DOV股票收盘时下跌了0.36%,至183.03美元。
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