Tadano to acquire Manitex International

By MEq October 29, 2024 12:07

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Tadano Group
Manitex International
achizitie

Tadano entered into a definitive merger agreement with Manitex. In terms of the balance among the three main segments of Tadano group’s business portfolio (Mobile Cranes, Truck Loader Cranes, and Aerial Work Platforms), the acquisition of Manitex is expected to lead to the future expansion of the global business in Truck Loader Cranes and Aerial Work Platforms, and to create a more balanced portfolio structure.

The transaction will be implemented by way of “reverse triangular merger”, pursuant to which Lift SPC, Inc., a wholly owned subsidiary of Tadano established for the purpose of the acquisition, will be merged with and into Manitex, with Manitex surviving the merger as a wholly owned subsidiary of Tadano.

Tadano first invested in Manitex in 2018 and currently hold 14.5% of the outstanding common shares of Manitex. Manitex is a holding company with manufacturing and rental businesses involving lifting equipment. The brands under Manitex include “Manitex”, with its boom trucks and other LE products, “PM”, with its knuckle boom cranes, “Oil & Steel”, with its aerial work platforms, and “Valla”, with its small electric cranes, all of which can make the Tadano Group’s lineup even broader and more attractive.

Tadano will acquire all outstanding shares of Manitex not already owned by Tadano for $5.80 per share in cash, representing an equity value of $122 million and total transaction value of $223 million, including outstanding debt. The agreement has been approved by the boards of Tadano and Manitex. The transaction is anticipated to close in the first quarter of 2025, subject to approval by Manitex shareholders receipt of regulatory approvals and other customary closing conditions. With this acquisition, Manitex is expected to become a wholly owned subsidiary of Tadano during fiscal year 2025.