Eaton Signs Agreement to Acquire Cobham Mission Systems

Eaton today announced it has signed an agreement to acquire Cobham Mission Systems (CMS), a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets.

Under the terms of the agreement, Eaton will pay $2.83 billion for CMS, inclusive of $130 million in tax benefits. Excluding the amount paid for tax benefits, the purchase price represents approximately 14 times CMS’s 2020 EBITDA and 13 times its estimated 2021 EBITDA.

“Cobham Mission Systems’ highly complementary products and strong position on growing defense platforms will enhance our fuel systems business and position our Aerospace business for future growth,” said Heath Monesmith, president and chief operating officer, Industrial Sector, Eaton. “We look forward to welcoming CMS to Eaton.”

The acquisition, which is subject to customary closing conditions, is expected to close in the second half of 2021.



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