Eaton Corporation plc (NYSE:ETN) entered into a purchase agreement to acquire Trippe Manufacturing Company for $1.7 billion on January 28, 2021. The deal value represents approximately12 times Tripp Lite's 2020 EBITDA . The acquisition, which is subject to customary closing conditions, is expected to close mid-2021. JPMorgan Chase & Co. acted as financial advisor to Trippe Manufacturing Company. Sullivan & Cromwell LLP acted as Legal advisor to Trippe Manufacturing Company.

Eaton Corporation plc (NYSE:ETN) completed the acquisition of Trippe Manufacturing Company on March 17, 2021. The purchase price is $1.65 billion, net of cash received. Tripp Lite had sales of over $400 million in 2020.