The two companies announced yesterday that they have entered into a definitive agreement for the acquisition.

At the close of the transaction, which is expected in the second half of 2012, Eaton and Cooper will be combined under a new company incorporated in Ireland, where Cooper is incorporated today. The newly created company, which is expected to be called Eaton Global Corporation Plc or a variant thereof (“New Eaton”), will be led by Alexander M. Cutler, Eaton’s current chairman and chief executive officer.

The combined company would have had historical 2011 revenues of $21.5 billion and EBITDA of $3.1 billion. The acquisition will be financed with a mixture of cash, debt, and equity the company said.

Eaton Corporation is a diversified power management company based in Ohio, U.S.