Safran SA (ENXTPA:SAF) entered into an agreement to acquire Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions Business of Eaton Corporation plc (NYSE:ETN) for $270 million on January 20, 2014. The purchase price comprises of an enterprise value of $224 million and a future tax benefits evaluated at about $46 million resulting from the tax amortization of goodwill and other non-physical assets acquired. The Aerospace Power Distribution Management Solutions activities will be consolidated within the Aircraft Equipment business. The Integrated Cockpit Solutions activities will be consolidated within the Defence business. The business reported sales of $102 million and EBITDA in excess of $14 million in 2013. The transaction is subject to Eaton Board approval, regulatory approvals and satisfaction of other customary closing conditions. The transaction is expected to close in the first half of 2014.

As of February 26, 2014, the sale was approved by Eaton's Board of Directors. Citi Group, Inc. acted as financial advisor to Eaton Corporation. Sami Rahal, Guillaume Martinez of Deloitte acted as financial advisor, Stéphane Courbon, Jean Rivière of Merrill Lynch & Co., Inc. acted as the financial advisors, Michael DeFranco and Stéphane Davin of Baker & McKenzie SCP acted as legal advisors for Safran SA. David Watson of McDonald Hopkins Co. LPA acted as legal advisor and Jason Russell of Peter J. Solomon Company acted as financial advisor to Eaton Corporation.