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

CUMMINS INC

Acquisition price of $36.50 per share in cash; total enterprise value approximately $3.7 billion including assumed debt and net of acquired cash.
Meritor shareholders to receive $36.50/share; closing expected by December 21, 2022 with possible extensions to June 21, 2023.
Transaction subject to Meritor shareholder approval, HSR Act waiting period, and other regulatory approvals.
Cummins intends to fund the merger consideration using cash on hand and debt; no financing condition.
Termination fees: $73.5M from Meritor under certain circumstances; $160M reverse termination fee from Cummins if regulatory approvals not obtained.

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