CLEVELAND (AP) — Diversified manufacturer Eaton Corp. is buying Irish electrical equipment supplier Cooper Industries PLC in a cash-and-stock deal valued at about $11.46 billion.
The deal will see Eaton and Cooper combine to form a new company, likely to be called Eaton Global Corp. PLC.
The new company will be incorporated in Ireland and be headed by Eaton Chairman and CEO Alexander Cutler.
Under terms of the deal, each Cooper stockholder will receive $39.15 in cash and 0.77479 shares of the newly created company. That combination is worth $72 per share based on Eaton's closing price of $42.40 on Friday.
The companies value the total deal at about $11.8 billion.
Cooper currently has approximately 159.1 million outstanding shares, according to FactSet.
The acquisition is expected to close in the second half of this year.