ABB Ltd. /zigman2/quotes/209404356/composite ABB +1.98% announced Monday morning that it had reached an agreement to divest its mechanical power transmission division, known as Dodge, to RBC Bearings Inc. /zigman2/quotes/207482423/composite ROLL +1.99% in a $2.9 billion all-cash deal. ABB expects that the sale will boost its balance sheet, allowing it to "fund organic growth, pay a rising sustainable dividend per share and make value-creating acquisitions," per its release. The company anticipates that it will book a non-operational pre-tax book gain of about $2.2 billion on the deal, which is expected to close by the end of 2021. RBC Bearings said in its own release that it expects to grow its "capabilities, footprint, and customer base" through the deal. "Our businesses are highly complementary, with Dodge bringing new offerings, new end markets, and more scale to the combined organization," RBC Bearings Chief Executive Michael Hartnett said in a release. "The combined company will have an attractive position in the aerospace, defense and industrial markets with a diversified client base and expansive geographic footprint." RBC Bearings anticipates that the deal will be immediately accretive to its cash earnings per share by 40% to 60% in the first full fiscal year after the deal closes, excluding the amortization of intangibles, deferred financing cots, and one-time deal costs.