Eaton to spin off Mobility Group and merge with Dana in $5.1B Reverse Morris Trust deal

Eaton Corp plc

Eaton to separate Mobility Group and combine with Dana in Reverse Morris Trust transaction valued at ~$5.1B; combined company enterprise value >$10B.
Eaton to receive ~$1.1B cash distribution; Eaton shareholders to own at least 50.1% of combined company.
Combined company expected to generate ~$11B pro forma revenue and $1.7B pro forma adjusted EBITDA, with $250M run-rate cost synergies.
Transaction expected to close Q1 2027, subject to Dana shareholder approval and regulatory clearances; immediately accretive to Eaton's organic growth and margins.
Combined company to be led by Byron Foster (CEO), Timothy Kraus (CFO); Dana's Bruce McDonald to serve as Executive Chairman.

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