Signify n.v. (enxtam:light) entered into a definitive agreement to acquire cooper lighting, llc from eaton corporation plc (nyse:etn) for $1.4 billion.

Signify n.v. (enxtam:light) entered into a definitive agreement to acquire cooper lighting, llc from eaton corporation plc (nyse:etn) for $1.4 billion on october 15, 2019. the consideration is on a cash and debt-free basis and will be paid in cash. the acquisition will be fully financed with debt, with committed bridge financing arranged. signify n.v. intends to replace the bridge loan and the existing term loan debt obtained at ipo with a new financing structure before or shortly after the closing of this transaction. upon closing, signify n.v. and cooper lighting, llc will maintain separate front offices: sales forces, agent networks, product and brand portfolios, marketing and product development teams. cooper lighting, llc generated $1.7 billion of sales and reported ebitda of $187 million in 2018. closing of the transaction is subject to regulatory approvals and other customary conditions. the anti-trust approval was granted following the early expiration of the waiting period under the hart-scott-rodino (hsr) antitrust improvements act. the closing is expected to take place in the first quarter of 2020. the acquisition is expected to result in mid-teens earning per share (eps) accretion for signify n.v. in year one. goldman, sachs & co. llc. acted as financial advisor to eaton corporation plc. lazard ltd. acted as financial advisor to signify n.v. stephen glover of gibson, dunn & crutcher llp acted as legal advisor to eaton corporation plc.
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