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Rexel Agrees to Acquire Platt Electric Supply

Eaton Agrees to Buy Cooper Industries

Diversified industrial manufacturer Eaton Corp. (NYSE: ETN), Cleveland, OH, has agreed to acquire electrical equipment supplier Cooper Industries plc (NYSE: CBE), Dublin, Ireland. The transaction will "significantly increase the capabilities and geographic breadth of the combined company's power management portfolio and electrical business," according to a joint release from the companies.

At the close of the transaction, which is expected in the second half of 2012, Eaton and Cooper will be combined under a new company incorporated in Ireland and is expected to be called Eaton Global Corporation plc. Alexander M. Cutler, Eaton’s current CEO, will lead the new company.

The combined company would have had historical 2011 revenues of $21.5 billion. The acquisition is expected to be accretive to operating earnings per share by $0.35 in 2014 and by $0.45 in 2015.

Total transaction equity value is approximately $11.8 billion.

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