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(紐約證券交易所:TEX)股票交易價格上漲,因該公司簽署了一項由紐約證券交易所:DOV公司以現金20億美元收購環保母基(Environmental Solutions Group,簡稱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.
總部位於田納西州查塔努加的ESG公司提供垃圾收集車輛、壓縮機和打包機以及相關的售後設備和數字化產品,包括車輛安全系統、路線管理、預測性維護和客戶關係管理軟件。2023年,ESG公司營業收入約爲7500萬美元。
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.
考慮到大約27500萬美元的預期稅收優惠現值,《紐約時報》指出,收購價格爲17.25億美元。這相當於2024E EBITDA的8.4倍,包括預期合併後的協同效應。
With this buyout, Terex expects North American exposure to rise to 65%, expanding its global market opportunity to $40 billion.
通過這次收購,Terex期望北美市場佔比提高至65%,將全球市場機會擴大到400億美元。
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計劃成立一個新的環保解決方案板塊,將ESG與現有的公用事業業務合併。截至3月底,新的環保解決方案板塊的下述財務數據爲14億美元。
The transaction is expected to close in the second half of 2024, pending regulatory approvals and customary closing conditions.
交易預計在2024年下半年完成,前提是獲得監管機構批准和慣例結束條件。
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.
包括預期協同效應,ESG的EBITDA利潤率有望增加130個點子,使Terex的財務狀況達到約10億美元的EBITDA。
Synergies: Terex anticipates achieving ~$25 million in identified synergies by the end of 2026, primarily through procurement, supply chain efficiencies, and commercial initiatives.
協同效應:Terex預計通過採購、供應鏈效率和商業舉措,到2026年底實現約2500萬美元的協同效應。
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預計2024年的淨負債率爲2.2倍,低於其2.5倍的目標,並預計到2025年底將降至2.0倍以下,持續降低得益於自由現金流的改善。
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.
該交易增強了Terex的財務狀況,提供了營收增長、自由現金流、EBITDA利潤率和EPS增長。預計該交易將在2025年實現兩位數百分比的調整後的EPS增長,並隨後預計實現可觀的增長。
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總裁兼首席執行官Simon Meester表示:“ESG的收購公告標誌着我們多年轉型的一個令人非常興奮的里程碑,並與我們的目標相一致,即加強我們的投資組合並利用我們的運營系統來推動可持續的、加速的長期增長。”
"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將爲Terex的投資組合增加一個非週期性、財務上富有意義且市場領先的業務,具有快速增長的廢物和回收市場的有形協同效應。”
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的流動性(現金和可用的循環信貸額度)爲86600萬美元。
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).
投資者可以通過Vesper US Large Cap Short-Term Reversal Strategy ETF (紐約證券交易所:UTRN)和First Trust Exchange-Traded Fund First Trust Bloomberg Inflation Sensitive Equity ETF(紐約證券交易所:FTIF)獲得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股票收盤時上漲了7.32%,至60.60美元,而DOV股票收盤時下跌了0.36%,至183.03美元。
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