Dana to merge with Eaton's Mobility business in $5.1B Reverse Morris Trust deal

Filed June 11, 2026 · Period ending June 11, 2026 · ~2 min read

Key Changes

• high

  Dana will combine with Eaton's Vehicle and eMobility segments in a Reverse Morris Trust valued at $5.1B enterprise value. Eaton shareholders will own ≥50.1% and Dana shareholders ~49.9% of the combined company, which will have ~$11B in pro forma 2026 sales.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
• high

  Eaton will receive ~$1.1B cash at closing, funded by new Dana debt. Pro forma net leverage is estimated at ~1.2x on a fully synergized basis, and Dana expects to maintain its current credit rating.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →
• high

  Dana expects $250M in annual run-rate cost synergies within 24 months, driven by reduced corporate functions, procurement savings, and manufacturing optimization. Pro forma 2026 adjusted EBITDA is projected at ~$1.7B with ~15% margin.

  Item 7.01 — Regulation FD Disclosure verify on EDGAR →