Eaton Corporation plc announced a definitive agreement to combine its Mobility Group with Dana Incorporated. Eaton says the combined Mobility/Dana company will create a larger engineered solutions provider for commercial and light vehicle OEMs and aftermarket channels. Eaton expects the transaction to close in Quarter 1, 2027, and says Mobility and Dana will continue to operate unchanged until closing. The company frames the deal as part of Eaton’s 2030 growth strategy and states integration planning and combined leadership will be announced as they progress.
Dana Incorporated announced a definitive agreement to combine with Eaton’s Mobility business in a transaction valuing Eaton Mobility at approximately $5.1 billion. The deal, structured as a Reverse Morris Trust, would result in Eaton shareholders owning at least 50.1% and Dana shareholders owning approximately 49.9% of the combined company, and is expected to close in the first quarter of 2027, subject to customary approvals.
The companies project ~$11 billion in pro forma 2026 combined sales, $250 million of annual run-rate cost synergies within 24 months, and revised Dana 2030 targets of $14–$15 billion sales, ~18% adjusted EBITDA margin, and 8%–9% adjusted free cash flow margin. A cash distribution of approximately $1.1 billion will be paid to Eaton, funded with new debt.
Dana Incorporated is combining with Eaton’s Mobility business in a Reverse Morris Trust transaction valued at about $5.1 billion. Eaton Mobility is valued at roughly 8.3x estimated 2026 pro forma adjusted EBITDA before synergies, or about 5.9x including run-rate synergies.
The combined company is projected to generate about $11 billion of 2026 sales with enhanced margins and free cash flow, supported by expected annual run-rate cost synergies of $250 million within 24 months of closing. Eaton shareholders are expected to own at least 50.1% of the combined company and Dana shareholders approximately 49.9%.
Dana targets by 2030 about $14–$15 billion in sales, roughly 18% adjusted EBITDA margins, and an 8%–9% adjusted free cash flow margin, up from prior goals of $10 billion in sales and 14%–15% margins. Pro forma net leverage is expected to be about 1.2x in 2026, including a roughly $1.1 billion cash distribution to Eaton funded with new debt, and the deal is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
Eaton Corporation plc entered into definitive agreements to separate its Mobility segment and combine that business with Dana Incorporated in a Reverse Morris Trust transaction.
Under the agreements dated June 10, 2026, Eaton will transfer the SpinCo Business to a newly formed SpinCo, distribute SpinCo shares to Eaton shareholders and, subject to the terms and conditions of the Merger Agreement, merge SpinCo with Dana. At closing Eaton will receive approximately $1.1 billion in cash distribution and Eaton shareholders are expected to own at least 50.1% of the combined company.
DANA Inc senior executive Brian Keith Pour received a routine compensation-related award. He acquired 304 dividend equivalent rights tied to previously granted restricted stock units, each economically equal to one share of DANA common stock. Following this grant, he directly holds 5,228 dividend equivalent rights.
OConnell Diarmuid B. reported acquisition or exercise transactions in this Form 4 filing.
DANA Inc director Diarmuid B. O'Connell received a grant of 18 Dividend Equivalent Rights on Dana common stock. These rights accrued on previously granted restricted stock units and are the economic equivalent of 18 shares of common stock, vesting proportionately as the related restricted stock units vest. Following this award, he holds 39 Dividend Equivalent Rights directly.
DANA Inc director Hanna Olivia Nelligan reported an acquisition of derivative compensation tied to company stock. On May 29, 2026, she received 18 dividend equivalent rights, each economically equal to one share of Dana common stock, related to previously granted restricted stock units. Following this grant, she directly holds 39 dividend equivalent rights in total, which will become exercisable in step with the underlying restricted stock units.
McDonald R Bruce reported acquisition or exercise transactions in this Form 4 filing.
DANA Inc Chairman & CEO R. Bruce McDonald received a grant of 625 Dividend Equivalent Rights. These rights are tied to previously granted restricted stock units and are the economic equivalent of 625 shares of Dana common stock. Following this compensation-related award, his directly held Dividend Equivalent Rights total 1,326. The rights become exercisable in step with the underlying restricted stock units, so this reflects routine equity-based compensation rather than an open-market transaction.
Mack Michael J reported acquisition or exercise transactions in this Form 4 filing.
DANA Inc director Michael J. Mack reported a compensation-related award of 18 Dividend Equivalent Rights tied to existing restricted stock units as of May 29, 2026. Following this award, he holds 39 Dividend Equivalent Rights in total.
Each Dividend Equivalent Right is the economic equivalent of one share of DANA common stock and accrues on previously granted restricted stock units. These rights become exercisable proportionately with the related restricted stock units, aligning their value with future dividend payments on the company’s common shares.
Liedberg Douglas H reported acquisition or exercise transactions in this Form 4 filing.
DANA Inc reported that SVP and General Counsel Douglas H. Liedberg received a grant of 212 dividend equivalent rights tied to previously awarded restricted stock units. Each right represents the economic value of one share of common stock, bringing his total dividend equivalent rights to 4,098 held directly.