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Eaton agrees to acquire Italian grid equipment maker COL Group

Eaton agrees to acquire Italian grid equipment maker COL Group

Money Moves

€810 million deal expands Eaton's European manufacturing for data center and utility markets

Today: Eaton signs deal to buy COL Group for €810 million

Overview

Updated 47 minutes ago

Eaton agreed on September 25 to buy COL Group from Oaktree Capital Management for €810 million. COL makes medium-voltage switchgear, grid automation systems, and modular power gear from four Italian factories, with about 400 employees and a forecast €250 million in 2027 sales.

The deal is a bet on Europe's data center boom. Utility and data center customers are straining the supply of grid equipment, and COL's sulfur hexafluoride (SF6)-free switchgear is exactly what EU regulations are pushing the industry to adopt. Closing is expected in early 2027, pending regulatory approval.

Why it matters

European data centers and utilities are short on grid equipment; Eaton is buying Italian factories to shorten supply lines and meet the demand.

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Key Indicators

€810 million
Enterprise value of the acquisition
Price Eaton agreed to pay Oaktree for COL Group.
€250 million
COL's forecast 2027 sales
The purchase price equals about 3.2 times that figure.
400
COL Group employees
Staff spread across COL's four Italian production sites.
4
COL production sites in Italy
Located in Turin, Milan, Bergamo, and Catania.
+65%
Eaton data-center revenue growth
Reported for its most recent period, with orders up about 85%.

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People Involved

Organizations Involved

Timeline

January 1920 March 2027

4 events Latest: Today
Tap a bar to jump to that date
  1. Expected closing of Eaton-COL deal (projected)

    Upcoming Milestone

    Acquisition expected to complete in Q1 2027, subject to regulatory approvals.

  2. Eaton signs deal to buy COL Group for €810 million

    Today Acquisition

    Eaton agreed to acquire COL Group from Oaktree; closing expected in Q1 2027.

  3. Oaktree buys control of COL Group

    Acquisition

    Oaktree's Power Opportunities strategy acquired a controlling stake from the Col family.

  4. COL Group founded near Turin

    Founding

    Family-run electrical equipment company founded in Italy.

Scenarios

1

Eaton completes COL Group acquisition in Q1 2027

Likely Resolves by Q1 2027

Discussed by: Eaton management in its press release; Reuters deal coverage

The deal passes a routine competition review. COL's share of the European medium-voltage switchgear market is small next to ABB, Siemens, and Schneider Electric, so regulators are unlikely to demand remedies. Eaton then integrates COL's SF6-free technology into its European factory network and starts supplying data center and utility customers with locally built gear.

2

EU regulators open an in-depth review of the deal

Possible Resolves by Q2 2027

Discussed by: Reuters; trade press on grid equipment supply-chain scrutiny

The European Commission extends its review past the initial phase because medium-voltage switchgear is treated as critical infrastructure. Any remedies or conditions push closing past mid-2027. Eaton has said it expects a first-quarter 2027 close, so a delay would be visible if no approval arrives by then.

3

Eaton-COL deal collapses

Unlikely Resolves by Q2 2027

Discussed by: Standard M&A risk analysis; buyer's remorse or regulatory veto

Either party terminates the agreement, or regulators block it outright. The price equals about 3.2 times COL's forecast 2027 sales, which is not obviously stretched, lowering the chance of buyer's remorse. A termination would leave Oaktree holding COL and Eaton hunting for other European manufacturing capacity.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2019

Eaton acquires Ulusoy Elektrik (2019)

Eaton agreed to buy a controlling interest in Ulusoy Elektrik, a Turkish maker of medium-voltage switchgear. The move expanded Eaton's IEC-standard product line for Europe, the Middle East, and Africa and gave it a manufacturing base close to those markets.

Then

Eaton gained IEC-standard medium-voltage products and a Turkish factory.

Now

The deal set the template for Eaton's European grid expansion; COL Group follows the same logic.

Why this matters now

COL Group is the same strategy repeated: buy local manufacturing to serve European grid and data center demand.

2025

Eaton's Boyd acquisition (2025)

Eaton closed a roughly $9.5 billion acquisition of Boyd, a maker of liquid cooling and thermal management gear for AI data centers. Data-center revenue had climbed sharply as hyperscalers announced over 300 gigawatts of new projects.

Then

Boyd gave Eaton a lead in AI data center cooling.

Now

It anchored Eaton's position as an AI infrastructure supplier and set a pattern of sizable, strategic acquisitions.

Why this matters now

COL Group extends the same data-center thesis into European electrical distribution, where SF6-free gear is becoming a regulatory requirement.

Sources

(7)