Dana Incorporated has entered into a definitive agreement to combine with Eaton Corporation plc's Mobility business. The companies say the transaction is expected to close in the first quarter of 2027, subject to Dana shareholder and regulatory approvals and customary closing conditions.
The communication states both companies will continue to operate independently until closing and emphasizes continuity of service for customers, including uninterrupted support, quality, and technical leadership. The notice also describes upcoming SEC filings (Form 10, Form S-1/S-4, Schedule TO, Form S-4) and urges reading the proxy/prospectus materials when filed.
Dana Incorporated announced a proposed business combination with Eaton’s Mobility business structured as a Reverse Morris Trust that would create a combined enterprise with an implied enterprise value of about $10 billion. The transaction would result in Eaton shareholders owning just over 50% and Dana shareholders just under 50%, create a combined pro forma 2026 revenue run‑rate near $11 billion with pro forma adjusted EBITDA of about $1.7 billion (≈15% margin), and expand Dana’s 2030 revenue target from $10 billion to $14–$15 billion. Management projects $250 million of run‑rate cost synergies within 24 months and intends a $1.1 billion cash dividend to Eaton funded by new debt. Pro forma net leverage is expected near 1.2x after synergies. The transaction remains subject to regulatory approvals and Dana shareholder vote, with closing expected in Q1 2027.
Dana Incorporated and Eaton Mobility plan a Reverse Morris Trust combination to form a combined mobility company. Eaton’s Mobility Group is presented at an ~$5.1B enterprise value and the combined company is described with an implied enterprise value of over $10B. Pro forma ownership is stated as ~50.1% for Eaton shareholders and ~49.9% for Dana shareholders. Leadership for the combined company is disclosed: Bruce McDonald as Executive Chairman, Byron Foster as Chief Executive Officer, and Timothy Kraus as Chief Financial Officer; Erin Rowse is noted to join as Chief Human Resource Officer after closing.
The communication states the transaction is expected to close in the first quarter of 2027. It cites projected combined metrics (estimated combined EBITDA, combined revenue, run-rate cost synergies) and revised Dana 2030 sales targets of roughly $14-$15B. The text includes standard forward-looking disclaimers, regulatory, financing, integration, tax and other risks, and notes that Form 10, Form S-1/S-4, Schedule TO and a proxy statement/prospectus will be filed with the SEC with full transaction details.
Dana Incorporated announces a proposed business combination with Eaton’s mobility business. The companies say the combined company will have about $11 billion in revenue and initial margins near 15%. Dana will pay $5.1 billion for the Eaton mobility business, consisting of $1.1 billion cash (a pre-combination distribution) and the balance in Dana stock, leaving Eaton’s public shareholders owning about 50.1% of the combined company.
Management expects about $250 million of run-rate synergies, a close in Q1 2027, and a modest leverage increase to roughly 1.2x on an EBITDA basis at closing. Byron Foster will become CEO on July 1, and Bruce McDonald will transition to executive chairman with integration responsibilities.
Eaton Corporation plc announced a proposed merger to combine its Mobility Group with Dana Incorporated, expected to close in Q1, 2027, subject to customary regulatory approvals and closing conditions. The companies will operate independently until closing; the Mobility Group is planned to transition to the Dana brand upon completion.
The communication states Dana has annual revenues of $7.5 billion, about 27,000 employees, and serves over 5,000 customers in 120 countries. Eaton reports approximately 13,000 Mobility Group employees. Leadership appointments disclosed include Byron Foster as CEO and Timothy Kraus as CFO of the combined company, with Erin Rowse as Chief Human Resources Officer.
Dana Incorporated has entered into a definitive agreement to combine with Eaton Corporation plc’s Mobility business, with the transaction expected to close in Q1 2027, subject to Dana shareholder and regulatory approvals and customary closing conditions. Until closing, Dana and Eaton Mobility will operate independently to preserve supply‑chain continuity. The communication outlines filing pathways including potential Form 10, Form S-1/S-4, Schedule TO and a proxy statement/prospectus, and urges stakeholders to read the forthcoming registration and solicitation materials when filed with the SEC.
Eaton Corporation plc and Dana Incorporated announced a proposed transaction and posted customer FAQs on June 11, 2026 describing leadership plans for the combined company. The release names Byron Foster as incoming Chief Executive Officer and Timothy Kraus as Chief Financial Officer, and states Erin Rowse will serve as Chief Human Resources Officer upon close.
The communication says Dana's eight-member board will be expanded to include three additional directors designated by Eaton, and notes that additional leadership details will be shared as finalized. The posting also contains customary forward-looking statements and describes upcoming SEC filings including a Form 10, Form S-1/S-4, Schedule TO and Form S-4.
Dana Incorporated entered into definitive agreements to combine with Eaton’s Vehicle and eMobility business via a Reverse Morris Trust structure. Under the agreements, Eaton will distribute SpinCo shares and then SpinCo will merge with Dana, leaving former Eaton shareholders with approximately 50.1% and former Dana shareholders with approximately 49.9% of SpinCo on a fully diluted basis.
The transaction contemplates a SpinCo Payment of approximately $1.1 billion, a $2.6 billion bridge financing commitment from Goldman Sachs, and customary closing conditions including regulatory clearances, shareholder approvals and NYSE listing approval. The parties set an outside date of June 10, 2027 (with a three-month extension for outstanding regulatory approvals).
Dana Incorporated announced a definitive Reverse Morris Trust transaction with Eaton to combine Dana with Eaton’s Vehicle and eMobility businesses held by a new company, SpinCo. After the merger, former Eaton shareholders will own at least 50.1% of SpinCo and former Dana shareholders about 49.9% on a fully diluted basis.
Before the distribution of SpinCo shares to Eaton shareholders, SpinCo will make an approximately $1.1 billion cash payment to Eaton Ohio. Dana and SpinCo have secured a commitment from Goldman Sachs Bank USA for a $2.6 billion 364‑day bridge facility to fund the SpinCo payment, refinance certain Dana debt, and pay related fees and expenses, with an expectation to replace it with permanent financing. The transaction, unanimously approved by both boards, is intended to be tax-free for U.S. federal income tax purposes and is subject to shareholder approvals, regulatory clearances, tax opinions and other customary closing conditions.
Eaton Corporation announced plans to combine its Mobility Group with Dana Incorporated to form a newly combined automotive and commercial-vehicle business expected to generate approximately $11B in revenues. The companies expect to complete the transaction in Q1 2027. Company statements say senior management will include leadership from Eaton and Dana and name Erin Rowse as Chief Human Resources Officer upon close. The communication directs employees to virtual information sessions and a Mobility Group Transition Hub for updates and includes customary forward-looking cautionary language about approvals, integration risks, financing and other uncertainties.