Eaton to Buy COL Group in $923 Million Deal to Expand European Footprint

03:13 PM EDT, 09/25/2026 (MT Newswires) -- Eaton (ETN) agreed to acquire COL Group from Oaktree for an enterprise value of 810 million euros ($922.9 million) in a bid to expand its power distribution and manufacturing footprint in Europe. COL provides medium-voltage electrical distribution solutions, grid automation technologies and modular power systems. The firm has facilities across Turin, Milan, Bergamo, and Catania in Italy, and is expected to generate sales of 250 million euros in 2027, power management company Eaton said Friday. "The acquisition will enhance our ability to support utility and data center customers' increasing need for resilient, sustainable power infrastructure and integrated grid-to-chip power solutions," said Omar Zaire, Eaton's president of the Europe, Middle East and Africa region corporate and electrical sector. Oaktree's power opportunities strategy invested in COL in 2021. "The combination of the two companies' industrial, technological and engineering expertise, and Eaton's global reach, will create an even stronger platform to support the modernization of electrical grids, accelerate electrification, and contribute to the development of the critical infrastructure needed for the energy transition," COL Chief Executive Calogero Saeli said in a separate statement Friday. The deal is expected to close in the first quarter. Eaton's US-listed shares were down 0.5% in Friday late-afternoon trade. So far this year, the stock has gained nearly 38%. On Thursday, UBS Securities said it expects strong quarterly results from Eaton, with upside potential to fourth-quarter consensus and 2027 expectations. Margins for next year will be a key metric to monitor as new capacity comes online, according to the brokerage. "We think the recent positive inflection in execution can be sustained in 2027, which underpins our more positive outlook on shares," UBS said in a note to clients. Eaton reported revenue of $27.4 billion in 2025. Earlier this year, the company agreed to combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Separately, Eaton closed its acquisition of the thermal business of Boyd from Goldman Sachs Asset Management. In a separate deal, Eaton completed its purchase of Ultra PCS from Cobham Ultra Group for $1.55 billion. Price: 437.76, Change: -2.24, Percent Change: -0.51