Kirkland Advises Dana on Combination with Eaton’s Mobility Business
Kirkland & Ellis advised Dana Incorporated (NYSE: DAN) on a definitive agreement with Eaton Corporation plc (NYSE: ETN) to combine with Eaton’s Mobility business in a transaction valued at approximately $5.1 billion with a combined enterprise value of more than $10.1 billion. The transaction combines two highly complementary powertrain portfolios to create a comprehensive, differentiated leader in commercial and light vehicle markets. The transaction is structured as a Reverse Morris Trust with Eaton shareholders owning at least 50.1% of the combined company and Dana shareholders owning approximately 49.9% at close. Under the terms of the agreement, Eaton will receive a cash distribution of approximately $1.1 billion (subject to adjustments for cash and indebtedness). The combination will integrate Dana’s global powertrain, thermal, and sealing technologies with Eaton Mobility’s commercial vehicle transmissions, engine and emissions products, and advanced electrification capabilities, creating a more comprehensive supplier serving commercial and light vehicle markets, as well as the associated aftermarket channels. The transaction was announced on June 11, 2025 and is expected to close in the first quarter of 2027, subject to approval by Dana shareholders, receipt of regulatory approvals, and other customary closing conditions.
Read the transaction press release
The Kirkland team included corporate lawyers David Klein, Rachael Coffey, Brian Junquera and Alex Adamis; technology & IP transactions lawyers Daisy Darvall and Seth Pritchard; executive compensation lawyers Rob Fowler and Alisa Tschorke; debt finance lawyers Rachael Lichman and Purun Cheong; capital markets lawyers Sophia Hudson and Zoey Hitzert; tax lawyers Dean Shulman and Sehj Vather; antitrust & competition lawyer Steve Mohr; and real estate lawyer Zeina Kazour.
