Industrial firm Eaton is acquiring Italian electrical firm COL Group.

Eaton last week announced that it has signed an agreement to acquire COL Group from Oaktree Private Equity for €810 million ($919.2m). The deal is expected to close in Q1 2027.

COL Group specializes in medium-voltage electrical distribution solutions, including sulfur hexafluoride (SF₆)-free switchgear, grid automation technologies, and modular power systems.

Eaton said the acquisition will expand the firm’s European power distribution capabilities and manufacturing footprint, helping it support growing customer demand across data center and utility markets.

Calogero Saeli, CEO of COL Group, said: “Joining Eaton marks an important milestone in COL Group’s growth journey and represents a significant opportunity for our employees, customers and partners. The combination of the two companies’ industrial, technological and engineering expertise, and Eaton’s global reach, will create an even stronger platform to support the modernization of electrical grids, accelerate electrification, and contribute to the development of the critical infrastructure needed for the energy transition.”

Eaton said COL Group has forecasted sales of €250 million ($283.7m) for 2027. Founded in 1920, the acquired company has some 400 employees and facilities in Turin, Milan, Bergamo, and Catania, Italy.

“COL Group brings complementary technologies, manufacturing capabilities and engineering expertise that will further strengthen Eaton's European power distribution platform,” said Omar Zaire, president, EMEA region, corporate and electrical sector, Eaton. “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.”

Founded in 1911, Eaton is an American electronics manufacturing company. The company offers power systems for data centers, including UPS solutions.

Investment firm Oaktree acquired COL in 2021.

Francesco Giuliani, managing director of Oaktree’s power opportunities, added: “Oaktree is proud of our partnership with COL and its founding family since 2021, building on a century of engineering heritage to create a market leader in grid infrastructure products and services. With a broader portfolio, wider geographic reach, and a deeper engineering team, COL is ready to capture the momentum in grid investment, and in Eaton it has found the perfect partner to take that forward.”