Dana, Eaton Mobility to Merge, Creating a Global Powertrain Leader
Dana Incorporated will merge with Eaton's Mobility business in a Reverse Morris Trust valued at about $5.1 billion, forming a global powertrain leader with ~ $11 billion in pro forma 2026 sales and $250 million in run-rate synergies expected within 24 months. Eaton shareholders would own at least 50.1% and Dana about 49.9% at close, with leadership from Dana’s Byron Foster and a combined portfolio spanning mechanical and electrified power delivery. The deal raises Dana’s 2030 targets to $14–$15 billion in sales and ~18% EBITDA margin, and is expected to close in Q1 2027 subject to approvals; financing includes a pre-closing debt raise and a $1.1 billion cash distribution to Eaton.