Allison’s Acquisition of Dana’s Off-Highway Business

Cleary Gottlieb is representing BofA Securities Inc. as financial advisor to Allison Transmission Holdings Inc. (Allison) in its approximately $2.7 billion acquisition of Dana Incorporated’s (Dana) Off-Highway business.

The transaction was announced on June 11, 2025, and is anticipated to close late in the fourth quarter of 2025, pending customary regulatory approvals and closing conditions.

Allison is a leading designer and manufacturer of propulsion solutions for commercial and defense vehicles and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway vehicles (distribution, refuse, construction, fire, and emergency), buses (school, transit, and coach), motorhomes, off-highway vehicles and equipment (energy, mining, construction, and agriculture applications), and defense vehicles (tactical wheeled and tracked).

Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. Dana is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

For more information, please see the press release.