ETN · 8-K · 20261103PR000037
Acquisition / Partnership / Divestiture
Eaton Corp plc · 2026-11-03 · Importance 91 · Surprise 92 · In source text
Eaton acquired Boyd Thermal on March 12, 2026, for $9.55 billion net of cash acquired; the business is reported in Electrical Global and contributed 31% to that segment’s third-quarter sales growth. Eaton also acquired Ultra PCS on January 23, 2026, for $1.53 billion net of cash acquired, and reported it in Aerospace. On September 25, 2026, Eaton agreed to acquire Italy-based COL Group for €810 million, or $921 million, with closing expected in the first quarter of 2027 subject to customary conditions and regulatory approvals; COL Group is expected to be reported in Electrical Global. Eaton’s planned Reverse Morris Trust transaction would combine Mobility with Dana, with Eaton shareholders expected to own 50.1% of the combined company; certain Eaton subsidiaries are also expected to receive an approximately $1.1 billion cash distribution before completion, with the transaction expected to close in the first four months of 2027, subject to approvals and other conditions.
Key facts
- Eaton signed an agreement on September 25, 2026, to acquire COL Group for €810 million ($921 million at the September 30, 2026 exchange rate); the transaction is subject to customary closing conditions and regulatory approvals and is expected to close in Q1 2027. source
- Eaton acquired Boyd Thermal on March 12, 2026, for $9.55 billion, net of cash acquired; Boyd Thermal is reported in Electrical Global. source
- Eaton's acquisition of COL Group is expected to close in Q1 2027, subject to customary closing conditions and regulatory approvals. source
- Eaton announced an agreement to acquire COL Group to expand European power distribution capabilities and manufacturing footprint and support demand in data center and utility markets. source
- Eaton completed its $1.53 billion acquisition of Ultra PCS on January 23, 2026; Ultra PCS is reported in Aerospace. source
- Eaton invested $75 million in SPAN on January 15, 2026, for an approximately 7% stake. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | probable | — | Eaton signed an agreement on September 25, 2026, to acquire COL Group for €810 million ($921 million at the September 30, 2026 exchange… |
| cash | negative | realized | — | Eaton acquired Boyd Thermal on March 12, 2026, for $9.55 billion, net of cash acquired; Boyd Thermal is reported in Electrical Global. |
| cash | negative | realized | — | Eaton completed its $1.53 billion acquisition of Ultra PCS on January 23, 2026; Ultra PCS is reported in Aerospace. |