Eaton Corporation plc announced that it entered into definitive agreements on June 10, 2026, to separate its Mobility segment and combine it with Dana Incorporated in a Reverse Morris Trust transaction. The transaction was disclosed in a Form 8-K filed June 11, 2026, with Eaton also furnishing a June 11 press release under Item 7.01, Regulation FD Disclosure. Under the planned structure, Eaton will transfer its Mobility business to Mobility (USA) Corporation, a Delaware corporation and wholly owned Eaton subsidiary referred to as “SpinCo.” The separation will be carried out under a Separation and Distribution Agreement among Eaton, Eaton Corporation of Ohio, Eaton Capital Unlimited Company, SpinCo and Dana. In connection with that separation, Eaton will distribute shares of SpinCo common stock to Eaton shareholders through a distribution, and the filing also notes that the transaction documents may later involve an exchange offer structure. Immediately after the SpinCo distribution, Dana will combine with SpinCo through a merger. The merger agreement involves Eaton Corporation of Ohio, SpinCo, Atlas Mobility Sub, Inc.—a Delaware corporation and wholly owned subsidiary of SpinCo—and Dana. Atlas Mobility Sub will merge with and into Dana, with Dana surviving the merger and becoming a direct, wholly owned subsidiary of SpinCo. Each outstanding share of Dana common stock immediately before closing will be converted into the right to receive a number of SpinCo shares based on an exchange ratio set out in the merger agreement, subject to adjustment. The specific exchange ratio and share counts were not provided in the 8-K text. Eaton said it expects to receive approximately $1.1 billion in cash distribution as part of the transaction. Eaton shareholders are expected to receive newly issued shares of the combined company and to own at least 50.1% of the combined company’s outstanding shares after closing. That majority ownership threshold is significant because Reverse Morris Trust transactions are typically structured to allow a parent company to separate a business in a tax-efficient manner while combining it with another company, provided certain ownership and control requirements are satisfied. The filing did not report any insider stock purchases, sales, option exercises, grants, vesting events or transaction codes. Instead, it reported a major corporate restructuring and business-combination agreement. No per-share transaction price was disclosed, and the final share exchange mechanics will depend on the merger agreement terms and future registration or proxy materials. Eaton cautioned that completion of the transaction remains subject to customary risks and conditions, including stockholder and regulatory approvals, financing, tax treatment, separation execution, potential litigation, integration risks, and the ability to realize expected revenue, EBITDA and cost-synergy benefits. The company also indicated that additional filings may be made in connection with the transaction, potentially including registration statements, an information statement, a tender offer statement, a proxy statement/prospectus and related materials for Eaton, SpinCo and Dana investors.