Dover to sell ESG business to Terex for $2B

Dover (DOV) announced that it has entered into a definitive agreement to sell its Environmental Solutions Group business, or ESG, which is part of Dover’s Engineered Products segment, to Terex (TEX) for $2B on a cash- and debt-free basis, subject to customary post-closing adjustments. Based in Chattanooga, Tennessee, ESG is a provider of 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. ESG generated approximately $750M of revenue in 2023. The transaction is expected to close before year-end 2024, subject to customary closing conditions, including receipt of regulatory approvals.