Eaton, the intelligent power management company headquartered in Dublin and trading on the NYSE under the ticker ETN, announced on September 25, 2026, that it has signed an agreement to acquire COL Group from Oaktree's Power Opportunities strategy.

Under the terms of the agreement, Eaton will acquire COL Group at an enterprise value of USD 923.4 million. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2027.

COL Group has forecasted sales of USD 285 million for 2027. The acquisition is intended to expand Eaton's European power distribution capabilities and manufacturing footprint, enhancing its ability to support growing customer demand across data center and utility markets in the EMEA region.

What COL Group Brings

COL Group is a leader in medium-voltage electrical distribution solutions, including SF₆-free switchgear, grid automation technologies and modular power systems. The company is an industrial group with over a century of experience specializing in the development of electrical power distribution solutions.

COL Group employs approximately 400 people and operates facilities in four Italian cities: Turin, Milan, Bergamo and Catania.

Strategic Rationale

Eaton framed the acquisition as a strengthening of its European power distribution platform. "COL Group brings complementary technologies, manufacturing capabilities, and engineering expertise that will further strengthen Eaton's European power distribution platform," said Omar Zaire, president, EMEA Region, Corporate and Electrical Sector, Eaton.

Zaire added that the acquisition will enhance Eaton's ability to support utility and data center customers' increasing need for resilient, sustainable power infrastructure and integrated grid-to-chip power solutions.

About Eaton

Eaton describes itself as an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. It makes products for the data center, utility, industrial, commercial and institutional, machine building, residential, aerospace and mobility markets. Founded in 1911, Eaton reported revenues of USD 27.4 billion in 2025 and serves customers in 180 countries.

The company says it is guided by a commitment to do business right, operate sustainably and help its customers manage power, capitalizing on the global growth trends of electrification and digitalization.

Forward-Looking Considerations

The announcement includes forward-looking statements about the anticipated acquisition of COL Group and its impact on Eaton in the EMEA region, which Eaton notes are subject to various risks and uncertainties, many outside its control.

Factors cited that could cause actual results to differ materially include the impact of acquisitions, joint ventures and investments and the integration of acquired entities; disruptions from natural disasters, labor strikes, wars, geopolitical instability, political unrest, terrorist activity, economic upheaval or public health concerns affecting production facilities; inflation or shortages of raw materials, energy, components, or labor; reliance on suppliers; cybersecurity attacks.

Regulatory market and social reactions to weather disruptions; the ability to attract and retain qualified employees; Eaton's ability to complete the anticipated separation of its Mobility business and its merger with Dana; volatility of end markets; geopolitical and economic risks, including changes in trade policies such as sanctions or tariffs; changes in tax rates or tax laws; compliance risks associated with being a governmental contractor; and litigation and environmental regulations.

Eaton cautions that any forward-looking statement speaks only as of the date on which it is made and disclaims any obligation to update such statements publicly.

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