Dollar General Corp., the Goodlettsville, Tenn.-based discount retailer, will be added to the S&P 500 Index after the close on Nov. 30, replacing global electrical products manufacturer Cooper Industries, which is being acquired by industrials giant Eaton Corp.

Eaton’s acquisition of Cooper should be completed sometime around that date, pending final approval, S&P Dow Jones said in a press release. According to the index’s inclusion criteria, companies that are involved in mergers and acquisitions or “significant restructuring” might no longer qualify for the index, and are therefore deleted.

In this case, Cooper’s deletion from the largest U.S.-equities benchmark is opening the way for $16.45 billion Dollar General to step in. The firm would join other consumer discretionary names now representing some 11.4 percent of the S&P 500 Index. Cooper is an industrial-sector name, and industrials snag about 10 percent of the mix.

Dollar General, by and large, isn’t a prominent holding in too many ETFs, the exception being the First Trust U.S. IPO Index Fund (NYSEArca: FPX), which allocates nearly 3 percent of its portfolio to the retailer, ranking it among its top 10 holdings. But its inclusion into the S&P 500 Index would propel it into several portfolios that track the benchmark, including the $109 billion SPDR S&P 500 ETF (NYSEArca: SPY), the largest ETF in the world.

The S&P 500 Footprint

In all, more than $4.8 trillion is benchmarked to the S&P 500, with index assets representing about $1.1 trillion of that total, according to data provided by S&P Dow Jones.

To qualify for inclusion in the S&P 500 Index, companies must have a minimum unadjusted market capitalization of $4 billion, as well as meet liquidity, price, public float and financial viability requirements, among other criteria, according to the S&P Dow Jones Indices website.

Changes to the index are made “as needed, with no annual or semi-annual reconstitution,” the company said on its website.

Eaton first announced its $11.46 billion buyout of Cooper in May in a deal that would expand Eaton’s footprint in the electrical power and distribution industry globally.