Eaton Corporation plc (NYSE:ETN) entered into a purchase agreement to acquire Cobham Mission Systems Wimborne Limited from Cobham Limited for $2.8 billion on January 31, 2021. The consideration is inclusive of $130 million in tax benefits. Post completion of the acquisition, Cobham Mission Systems will be reported within the Aerospace business segment.

Cobham Mission Systems had sales of over $700 million in 2020. The transaction is subject to customary closing conditions and is expected to close in the second half of 2021. As of May 4, 2021, the transaction is expected to close the beginning of the fourth quarter of 2021.

Jonathan Wood, Shawn B. Cooley, Lewis Blakey, Barry Fishley, Christopher Marks, Jennifer Haydel Britz, Jonathan J. Macke, Oliver Walker, Ramona Y. Nee, Tom Richards and Vadim M. Brusser of Weil, Gotshal & Manges LLP acted as legal advisor to Cobham Limited.