Eaton completes $11.46B deal for Cooper Industries
CLEVELAND (AP) — Diversified manufacturer Eaton Corp. said Friday that it has completed its acquisition of electrical equipment supplier Cooper Industries PLC.
Eaton said in May it was buying the Dublin, Ireland-based electrical components maker in a cash-and-stock deal valued at about $11.46 billion. With the acquisition, Cleveland-based Eaton is seeking to expand its reach in the global electrical power and distribution business.
Under the agreement, Eaton acquired Cooper by forming a new holding company incorporated in Ireland, to be renamed Eaton Corp. PLC. For the four quarters ended Sept. 30, the combined company posted pro forma revenue of $21.8 billion, Cooper said.
Trading of the companies' respective shares will continue on the New York Stock Exchange until the end of trading Friday, with ordinary shares of Eaton Corp. PLC to begin trading on the NYSE under the symbol "ETN" starting on Monday.
Eaton said it expects the integration of the two companies to take between two and three years, depending on business conditions.
Eaton makes electrical and hydraulic components, systems and services. It also makes aerospace fueling, hydraulic and pneumatic systems for commercial and military use as well as vehicle drivetrain and powertrain systems.
Eaton shares fell 12 cents to $51.87 in afternoon trading.