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Eaton Corp., a power management company, and Cooper Industries, a supplier of electrical equipment, have entered into a definitive agreement under which Eaton will acquire Cooper.

At the close of the transaction, which is expected later this year, Eaton and Cooper will be combined under a new company incorporated in Ireland. The newly created company, which is expected to be called Eaton Global Corp. PLC, will be led by Alexander M. Cutler, Eaton's current chairman and CEO.

Eaton has secured a $6.75 billion fully underwritten bridge-financing commitment from Morgan Stanley Bank, Morgan Stanley Senior Funding Inc. and Citibank to finance the cash portion of the acquisition. Eaton plans to later refinance these bridge borrowings through a new term-debt issuance, use of cash on hand and the possible sale of assets.


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