Aebi Schmidt Group to merge with The Shyft Group and list on NASDAQ

Niederer Kraft Frey advised UBS Switzerland AG as underwriter and mandated lead arranger and Zürcher Kantonalbank as lead arranger on the financing provided to the Aebi Schmidt Group in the context of its merger with The Shyft Group (NASDAQ: SHYF) and the contemplated listing on NASDAQ in New York.

The all-stock merger with The Shyft Group will create a world leading specialty vehicle manufacturer and upfitter, with estimated 2024 combined revenues of nearly USD 2 billion and a pro forma adjusted EBITDA (incl. run-rate synergies) of around USD 200 million. After closing, Aebi Schmidt’s shares will trade on the NASDAQ in New York with Aebi Schmidt’s existing shareholders holding 52% of the combined company and the current Shyft owners holding 48%. The merger is expected to have a positive impact on results, thanks to geographic expansion, cross-selling, and cost optimization. Accelerated growth, strong margins, and attractive free cash flow will make the combined company attractive to shareholders. The completion of the merger is expected by mid-2025.

The NKF team was led by Transactions partner Philip Spoerlé, working with associate Selim Lötscher and junior associate Norina Frey (all Transactions) as well as partner Markus Kronauer (Tax). NKF was supported on U.S. matters by a team of Latham & Watkins LLP led by Jesse K. Sheff (New York).