DAN•DAN•Dana Incorporated and Eaton Mobility will combine via a Reverse Morris Trust to create a global powertrain leader with approximately $11 billion in 2026 pro forma sales and $1.7 billion of adjusted EBITDA (15% margin). The $5.1 billion transaction, at 5.9x pro forma EBITDA including synergies, aims for $250 million in run-rate synergies within 24 months and boosts Dana’s 2030 targets to $14–15 billion in sales and ~18% EBITDA margin.
Dana Incorporated will combine with Eaton’s Mobility business in a Reverse Morris Trust transaction valued at $5.1 billion, implying 8.3x 2026 pro forma adjusted EBITDA before synergies and 5.9x including run-rate synergies.
The combined entity is projected to generate approximately $11 billion in 2026 pro forma sales and $1.7 billion in adjusted EBITDA (15% margin), with an anticipated $250 million in run-rate synergies within 24 months post-closing.
Under the deal structure, Eaton shareholders will own at least 50.1% and Dana shareholders approximately 49.9% of the combined company. R. Bruce McDonald will serve as Executive Chairman and Byron Foster as CEO, supported by an expanded board that includes three Eaton designees.
The merger integrates Dana’s powertrain, thermal, and sealing technologies with Eaton’s commercial vehicle transmissions and advanced electrification capabilities, enhancing product breadth and end-market diversification. Dana’s 2030 targets increase to $14–15 billion in sales, ~18% adjusted EBITDA margin, and 8%–9% adjusted free cash flow margin.
