Eaton Corp. agreed to buy defense and aerospace systems company Ultra Precision Control Systems from private equity firm Advent.
Eaton will pay $1.55 billion for the Cheltenham, England-based business to boost its portfolio in both military and civilian aircraft, it said in a statement Monday. The transaction is expected to be accretive given Ultra PCS’s strong growth and high margins, according to the statement.
Shares of Eaton were up 4.3% at 11:35 a.m. Monday in New York, giving the company a market value of about $132 billion. Bloomberg News reported in March that Advent was exploring options for Ultra ...
