Eaton Corporation, a global power-management company, has secured an agreement to acquire Cooper Industries. The transaction is valued at $11.8 billion and will be financed with a mixed of cash, debt and equity.

The newly created company will be incorporated in Ireland and is expected to be called Eaton Global Corporation PLC. It will be led by Alexander Cutler, Eaton’s current chairman and CEO. Eaton is currently headquartered in Cleveland, OH.

Eaton stockholders are expected to own about 73% of the combined company, with Cooper stockholders owning the rest. In addition to its lighting products, Cooper provides electrical products for electrical protection, power transmission and distribution. Eaton makes electrical and hydraulic components for commercial and military uses as well as vehicle drivetrain and powertrain systems