Diversified industrial manufacturer Eaton Corporation today announced that its previously announced pending $11.8 billion acquisition of Cooper Industries plc has received clearance from China’s Ministry of Commerce and the European Commission.
The pending acquisition has now been cleared by all required competition authorities and all necessary approvals of the shareholders of Eaton and Cooper have been obtained. The transaction remains subject to customary closing conditions.
The deal, Eaton’s biggest ever, will expand the company’s range of electrical products, such as lighting and wiring devices, to markets ranging from mining and oil to gas and utilities. It will also boost its presence in emerging markets.
The European Commission said in a statement that the proposed deal would not hurt competition in Europe.
“The Commission’s investigation confirmed that following the transaction customers in the electrical components industry will continue to have alternative electrical products suppliers,” the EU competition watchdog said.
The deal is expected to be finalized by the end of the year.Tagged with tED