Mergers & Acquisitions ·
Dana Incorporated entered into definitive agreements with Eaton Corporation plc to execute a Reverse Morris Trust…
DANDANA Inc
Dana Incorporated entered into definitive agreements with Eaton Corporation plc to execute a Reverse Morris Trust transaction. Under the proposed combination, Eaton will spin off its Vehicle and eMobility business segments into a new entity called SpinCo, which will then merge with Dana. Upon completion, Dana will become a wholly-owned subsidiary of SpinCo and former Eaton shareholders will own approximately 49.9% of the combined entity. The transaction includes a $1.1 billion cash payment from SpinCo to Eaton and a $2.6 billion bridge loan facility from Goldman Sachs. Dana Inc is an automotive supplier specializing in drivetrain and propulsion systems.