Dana Incorporated Announces Agreement to Combine with Eaton's Mobility Business, Strengthens Dana's Position as a Leading Global Powertrain Systems Provider
Dana Incorporated has entered a definitive agreement to acquire Eaton’s Mobility business in a Reverse Morris Trust transaction valued at approximately $5.1 billion. The deal creates a combined powertrain leader with pro forma 2026 sales of ~$11 billion and ~$1.7 billion in adjusted EBITDA, with Eaton shareholders retaining majority control (50.1%) and Dana shareholders holding 49.9%. Dana raised its 2030 strategic targets to $14–$15 billion in sales and an 18% adjusted EBITDA margin, citing $250 million in annual run-rate synergies expected within 24 months of closing. Byron Foster will become CEO of the combined company on July 1, 2026, while R.
Key figures
- Deal Value Usd
- 5100000000
- Dana 2025 sales
- 7500000000
- Target sales 2030
- $14-15 billion
- Dana ownership pct
- 49.9%
- Run rate synergies
- 250000000
- Eaton ownership pct
- 50.1%
- Target fcf margin 2030
- 8-9%
- Eaton cash distribution
- 1100000000
- Combined enterprise value
- >10000000000
- Target ebitda margin 2030
- 18%
- Proforma net leverage 2026
- 1.2x
- Synergy realization period
- 24 months
- Combined sales proforma 2026
- 11000000000
- Combined ebitda proforma 2026
- 1700000000
- Combined ebitda margin proforma 2026
- 15%
AI analysis
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