Eaton to buy Italy's COL Group for EUR €810 million

Eaton has agreed to acquire Italian power distribution specialist COL Group from Oaktree Private Equity in a deal valued at EUR €810 million.

The acquisition adds a medium-voltage electrical distribution business to Eaton's European operations and expands its manufacturing presence in Italy. COL Group makes products including SF6-free switchgear, grid automation systems and modular power systems, and employs about 400 people at facilities in Turin, Milan, Bergamo and Catania.

The transaction is intended to broaden Eaton's reach in power distribution for data centres and utilities across Europe, the Middle East and Africa, helping it meet rising demand for electricity infrastructure in those markets.

COL Group has more than a century of history in electrical power distribution and has forecast sales of EUR €250 million for 2027. Eaton, which reported revenue of USD $27.4 billion in 2025, serves customers in 180 countries.

The agreement reflects continued deal activity around assets linked to electricity networks and digital infrastructure, as manufacturers and utilities respond to rising power demand from large-scale computing and broader electrification trends. Medium-voltage distribution equipment has become a focus for industrial groups seeking to expand local production and secure supply for regional customers.

For Eaton, the purchase also deepens its industrial base in a market where utilities are investing in grid upgrades and data centre operators are seeking more resilient electricity supplies. Italy has become an important manufacturing location for electrical equipment groups serving European customers.

A key part of COL Group's portfolio is SF6-free switchgear, a segment that has gained attention as utilities and industrial customers look for alternatives to equipment that uses sulphur hexafluoride, a greenhouse gas commonly used in electrical insulation. Demand is also rising for grid automation products as network operators modernise infrastructure to manage more variable loads and distributed energy sources.

The deal remains subject to customary closing conditions and regulatory approvals. Eaton expects the transaction to close in the first quarter of 2027.

Omar Zaire, President, EMEA Region, Corporate and Electrical Sector, Eaton, said the two businesses were a strong fit. "COL Group brings complementary technologies, manufacturing capabilities and engineering expertise that will further strengthen Eaton's European power distribution platform," Zaire said.

He added: "The acquisition will enhance our ability to support utility and data center customers' increasing need for resilient, sustainable power infrastructure and integrated grid-to-chip power solutions."

Oaktree Private Equity is selling the business as interest in power equipment makers rises alongside investment in networks, substations and data centre buildouts across the region. The transaction gives Eaton additional production sites and a larger position in medium-voltage distribution equipment at a time when buyers are placing greater emphasis on local supply and installed technical support.

With about 400 employees and manufacturing facilities across four Italian cities, COL Group adds both production capacity and an established base in utility and industrial power distribution. Its forecast EUR €250 million in 2027 sales indicates the scale of the asset Eaton is adding to its European operations.