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In This List

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Eaton to sell lighting business to Signify for $1.4B

Eaton Corporation PLC agreed to sell its lighting unit to Signify NV for $1.4 billion in cash, following a comprehensive review of potential alternative actions for the business.

The power management company said in March that it was planning to spin off Cooper Lighting Solutions into an independent, publicly traded company in 2019. The business, which provides LED lighting and control solutions, recorded sales of $1.7 billion in 2018.

Signify said the acquisition of Cooper Lighting will strengthen its market positions in North America and generate annual cost savings of more than $60 million, mainly during the first three years. The company added that M&A "will have a lower priority" once it focuses on integrating Cooper Lighting into the business.

The sale is expected to close in the first quarter of 2020, subject to customary closing conditions and regulatory approvals. Signify said it will fully fund the transaction with debt and that committed bridge financing is in place.

Goldman Sachs & Co. LLC was financial adviser to Eaton on the transaction.