San Antonio Business Journal by James Aldridge, Web Editor
Eaton Corp. will buy Cooper Industries in a cash-and-stock transaction worth $11.8 billion.
Eaton will pay Cooper (NYSE: CBE) shareholders $39.15 per share in cash and .77 shares of stock in the combined company in exchange for each share of Cooper they own.
The acquisition is expected to close by the end of 2012. The new company will likely be called Eaton Global Corp. Plc. Alexander Cutler, Eaton’s Chairman and CEO, will lead the combined company.
Cooper manufactures and markets electrical components and tools worldwide. The company's U.S. offices are in Houston. Cleveland-based Eaton manufactures and sells electrical products to customers in more than 150 countries.
In San Antonio, Eaton supplied electrical products in support of the construction of the San Antonio Military Medical Center on the campus of Fort Sam Houston.