Eaton Corporation and Cooper Industries plc today announced that the Irish High Court has approved Eaton’s $11.8 billion acquisition of Cooper.
As previously announced, on May 21, 2012, Eaton and Cooper entered into a transaction agreement by which Eaton will acquire Cooper through the formation of a new Irish holding company that has been renamed Eaton Corporation plc (“New Eaton”). The acquisition of Cooper will be effected by a “scheme of arrangement” under Irish law and, in connection with the acquisition, Eaton will merge with a subsidiary of New Eaton. Following the consummation of these transactions, both Eaton and Cooper will be wholly owned subsidiaries of New Eaton.
With the court’s approval of the scheme of arrangement, Eaton and Cooper anticipate that the transaction will close on November 30, 2012. Trading of Eaton and Cooper will continue on the New York Stock Exchange until the end of the day on the date of the transaction closing, and the ordinary shares of Eaton Corporation plc are expected to begin trading on the New York Stock Exchange under the symbol ETN on the first trading day after the closing date.Tagged with tED