Cummins to acquire Meritor for $36.50/share in $3.7B all-cash deal

CUMMINS INC

Cummins (CMI) to buy Meritor (MTOR) at $36.50/share all-cash, a 48% premium to Feb. 18 close.
Total enterprise value of ~$3.7B, including assumed debt and net of acquired cash.
Expected to be immediately accretive to Cummins adjusted EPS; annual pre-tax synergies ~$130M by year 3.
Meritor board unanimously approved; transaction expected to close by end of 2022.
Acquisition adds axle, brake, and electrification capabilities to Cummins components business.

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