Irish trio act alongside Wall St elite on US company's $11bn Ireland tax move
A trio of top Irish law firms have taken roles on an $11.8bn (£7.5bn) deal which has seen US power management company Eaton move its headquarters to Ireland, saving the the US business millions of dollars in taxes a year. The multibillion-dollar acquisition of Irish electrical equipment supplier Cooper Industries will create a global electricity company incorporated in the Emerald Isle, with the combined business called Eaton Global.
May 23, 2012 at 07:15 AM
2 minute read
A trio of Irish law firms have taken roles on an $11.8bn (£7.5bn) deal which has seen US power management company Eaton move its headquarters to Ireland, saving the the US business millions of tax dollars a year.
The multibillion-dollar acquisition of Irish electrical equipment supplier Cooper Industries will create a global electricity company incorporated in the Emerald Isle, with the combined business called Eaton Global.
Moving the combined company's headquarters to Dublin, where Cooper is based, will result in annual tax savings of $160m (£100m) by 2016 – a result of Ireland's lower corporate tax rates. Eaton predicted in its announcement of the deal that it will cut annual expenses by a total of nearly $535m (£340m) in four years.
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